S&P Faces Key Resistance & Rotation Point | Trading TGT, U, LCID, More
We really do not need another chart of the ES or S&P 500 at this point. It gave us the corrective reset we have been looking for. Since then, it’s been a slow grind higher as the ES continues to struggle with a close north of 4,700.
Above yesterday’s high puts the 4711.75 all-time high in play, followed by a push to the 4725 to 4728 area. Above that and Danny has 4750-4760 on his radar.
One more thing. Keep the 4707 level mapped on your charts. That’s the weekly-up mark and a close above it could really get things heated up.
Let’s look at the Nasdaq:
The Nasdaq futures (NQ) has a similar look to the ES, although it is not pressing into resistance just yet.
The NQ has also had a nice reset. As it grinds higher, we are looking for a close above 16,375 and preferably, above 16,400.
That could open the door to the all-time high just shy of 16,450, followed by a move up toward 16,500 to 16,530 — the latter of which is the 161.8% extension.
Below are our individual setups for the day, followed by the our watchlist of “Go-To” stocks.
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