June 12 Chart of the Day - S&P 500 Update
Precision oriented price action technical analysis by far provides the best edges and most setups for traders and investors across the markets so that's what we use for the basis of our reviews
The S&P 500 (/ES) is hitting fresh all time highs (ATH) already today ahead of the 2pm eastern FOMC statement so we thought we'd update this indice chart from a price action technical analysis perspective again since one of the most frequently asked questions we get is:
Can the markets keep going higher?
The short answer is:
YES... It’s possible because the S&P 500 ticker ES still has potential higher time frame targets in play.
We have featured over 220 Charts of the Day during the past year and teach Price Action Trading for FREE to traders who join our Highly Rated Trade Room.
Monthly Chart
Today we simply present the charts as they speak for themselves...
Daily Chart
We've layered in traditional Fibonacci levels as well as support/resistance and trend to help identify potential price levels of interest and/or future price targets.
Armed with precision oriented charts like these both traders and investors can formulate their respective plans.
So what's next?
We don't make predictions...
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones,
- Change Control Zones
ChartPros provides the exact methodology in its price action technical analysis courses to create charts like this with the most precise and accurate levels from which investors and traders can formulate their respective trade plans.
Take a look at the charts and let us know what you think.
We'd like to hear from you in the comments sections.
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