RIGHT CLICK IMAGE TO ENLARGE IN NEW TAB E-mini S&P 500 futures, Jun 2024 (TradeStation: ESM24) / Mon Apr 15, 2024 / 8:26 AM Eastern Time / 60 MINUTE CHART
OUTLOOK
On the weekly timeframe, I think we’ve completed a 2nd drive higher since the Oct 2023 low.
The daily time frame shows the pullback off the 5333.50 contract high having probed below 5167.75 (Mar 15 low).
However the 60-min time frame shows the potential completion of 4 drives down from 5333.50. Also, the latest recovery off Friday’s 5150.00 low is in line with a Relative Zone (see Advanced RSI Power Zones System).
Therefore, the outlook is for futures to trade higher toward 5233.50 per the Advanced Forecast Cloud.
Dips may delay, but below 5185.75 would be needed to delay toward 5171.25.
ES JUNE 2024 CONTRACT | KEY PRICE LEVELS
5333.50 – Mon Apr 1 contract high
5308.50 – Thu Apr 4 high
5301.25 – low of 60 min Price Spike
5285.00 – Wed Apr 10 high
5257.50 – high of 60 min Price Spike
5249.63 – midpoint 60 min Price Spike
5241.75 – low of 60 min Price Spike
5234.00 – Pretty Point Sell Point D
5233.50 – intraday lower high
5218.75 – intraday lower high
5200.75 – intraday lower high
Resistance Above
Current price: 5190.00
Support Below
5185.75 – intraday higher lows
5171.25 – intraday higher low
5159.63 – midpoint 60 min Price Low
5150.00 – Fri Apr 12 low
5136.88 – midpoint 60 min Price Probe
5124.25 – Tue Mar 5 low
5121.00 – Thu Feb 29 low
~ Background to this report ~
As many of our veteran Tribe members know, 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 exactly 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, after thinking on it this weekend, I’m willing to conduct an experiment to perhaps (not promising) create something NEW that would provide that type of analytical help. The old way was not easy or sustainable for me, so it’s def not coming back in that exact form/delivery.
So my experiment begins with this little Tax Day edition of that style of report, especially because this weekend some serious stuff went down in the Israel/Gaza conflict.
NOTE this is NOT a revival of the Skinny on the Markets. This is an experiment for me to find a way to help traders who will value this the most in a way that I can sustain it.
10 responses to “Skinny on the Mini for Mon Apr 15, 2024”
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Thank you Hima! We treasure your analysis in any form! Xo
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looking forward thank you
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It is interesting and bit surprize to find this report. It always helps to see the direction of market and the stations this trend will stop, upward or downward. Generally most of do not look backward for resistance and support.
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Hima
I value all your insights and am learning a lot (slowly) from your courses
The irony is when I first signed up for the “Skinny” I had no realization of how valuable it was
In my defense, I was a little preoccupied (Registered Nurse in a Pandemic)
I would greatly appreciate any analysis you can share
I do feel the market is wishing that the Middle East scenario will not escalate vs knowing that increased volatility seems very likely ie. higher oil adding onto our already high inflation and decreasing the likelihood of an interest rate cut any time soon -
Hi Hima. Yes I along with others really miss the ES skinny, but as they say nothing lasts forever, sometimes these things are to stop us being so complacent, in makes me go back to some of my other knowledge.
All the best and kind regards Mark
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Hello Hima, I find any insights which you provide very useful, especially where market direction may be heading. I would say however as much as I enjoy your pearls of wisdom you must have time for yourself and not over stretch to the point where you put too much difficulty on yourself.
Kind regards
Jarrod -
Hello Hima,
I like this “experiment” you h’ve done: there are elements of your tool’s set up we could use for ourselves that are helping us try to find some clue in the SWING approach.
This is wat I believe could be a good instrument for me to refine my own analysis.
Please keep up and I wish you could publish similar updates sometime in the next weeks. -
I would be very interested in a post of your brief analysis of the markets for the upcoming week. A short highlight of any major issue(s) you see for trading that week I think would be very helpful.
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Hi Hima,
As usual, your recent Skinny analysis was a welcome relief and extremely useful in reinforcing our trade analysis for the week.
Look forward to receiving more. -
Hima I have missed your morning analysis on ES & NQ I hope you come back again with atleast 2 times a week
Hima Reddy, CMT
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