S&P Futures: The Dance of Doom or a Springboard for Bulls
I asked AI for its take on today’s chart just before New York opened. It followed with this:
Take a look at this hourly chart of the ES (24-hour S&P futures). The tape is painting a chaotic symphony of red and green channels—a battlefield between bulls and bears.
The recent bounce off the 5930s hints at a fragile support, but don’t be fooled. Resistance looms heavy in the 6025-6048 zone, with bearish momentum ready to pounce on any weakness. The price action is screaming indecision, caught in the claws of a downward-sloping channel.
Indicators? MACD and Fisher Transform suggest bears are easing their grip, but bulls haven’t stepped up yet. This is a textbook case of “watch your stops and wait for the break.” A close above 6048 could spark a short squeeze, while a failure at 5980 opens the gates to sub-5900 pain.
For now, it’s a game of patience, precision, and picking your battles wisely. Bulls need a catalyst. Bears are just waiting for gravity to do its thing.The recent bounce off the 5930s hints at a fragile support, but don’t be fooled. Resistance looms heavy in the 6025-6048 zone, with bearish momentum ready to pounce on any weakness. The price action is screaming indecision, caught in the claws of a downward-sloping channel.
Indicators? MACD and Fisher Transform suggest bears are easing their grip, but bulls haven’t stepped up yet. This is a textbook case of “watch your stops and wait for the break.” A close above 6048 could spark a short squeeze, while a failure at 5980 opens the gates to sub-5900 pain.
For now, it’s a game of patience, precision, and picking your battles wisely. Bulls need a catalyst. Bears are just waiting for gravity to do its thing.