Skinny on the Mini for Fri Apr 26 2024:

Here's the full report here for the whole Tribe as my “experiments” wrap up and I get ready to create my new Frankenstein…err research service! 🙂

There's also a copy in the Four Zones RSI portal: Skinny on the Mini Fri Apr 26 2024 (xperiencify.io)

RIGHT CLICK TO OPEN IMAGE IN NEW TAB E-mini S&P 500 futures, Jun 2024 (TradeStation: ESM24) / Fri Apr 26, 2024 / 8:54 AM Eastern Time / 60 MINUTE CHART

PRIOR COMMENTARY

On Thu Apr 25 at 8:54 AM ET (gray vertical line), I wrote:

<<

During the overnight, futures weakened below the 5076.75 initial target (Mon Apr 22 old high). 

The outlook is for futures to continue to weaken. The next downside target is 5010.75 .

Recovery gains may delay, but only back above 5082.50 would offer relief toward 5100.50 initially. 

>>

RECAP

Futures did continue lower early in Thu’s regular session. They fell to 5022.25, with the 60 min RSI pushing into the Bear Support Power Zone. 

From there, futures quickly stabilized and reversed sharply higher. They exceeded 5082.50 toward the end of the regular session. 

OUTLOOK

During the overnight, futures continued to surge higher, piercing Wed’s 5128.75 high. They’ve been consolidating since, spiking up briefly following today’s release of PCE inflation data.

Futures are at an inflection point:

• If they trade lower beneath 5105.88, I’d watch out for further weakness toward 5077.50 which shields 5046.00.
• If futures are able to regroup and trade higher above 5148.50 – 5150.00, that would put focus for s-term bulls back on 5187.50 next. 

ES JUNE 2024 CONTRACT | KEY PRICE LEVELS

5233.50 – intraday lower high

5213.25 – Mon Apr 15 high (also weekly bar high)

5201.75 – old low of 60 in Price Spike

5187.50 – Pretty Point (Apr 19, 24, 25)

5185.50 – intraday lower high

5150.00 – Fri Apr 12 Old Bottom

5148.50 – 50% of Apr 1/Apr 19 decline

Resistance Above

Current price:  5113.75

Support Below

5105.88 – nano level of 60 min Nano Large Green Candle

5090.75 – intraday old top

5077.50 – midpoint Apr 25 range

5064.50 – intraday higher low

5046.00 – old high of 60 min Price Probe

5034.13 – midpoint 60 min Price Probe

5022.25 – Thu Apr 25 low

5010.75 – midpoint Apr 19 range

5006.00 – Mon Apr 22 low

4991.25 – intraday low

4989.00 – old high 60 min Price low

4976.25 – midpoint 60 min Price Low

4963.50 – Fri Apr 19 low

Hima Reddy, CMT

~ Background to this report ~

I used to write and share E-mini S&P 500 futures analysis on a pretty regular basis. I sunsetted that formal service called the Skinny on the Markets about two months ago, sharing the last report on Valentine's Day Feb 14th.

Some of you have expressed that you've missed receiving that research – pretty deeply.

Therefore I've been experimenting (like a mad scientist) with bringing back that research in a NEW service.

The experiment is coming to an end, so if you'd like to be the FIRST to know about this new service – doors will be opening soon – be sure to comment below!