Today, we’re looking at the S&P 500 Index (ES). We are looking at the potential for further downside.
So let’s take a look at the S&P 500 Index futures contracts…
Looking at S&P 500 Futures Contracts
Here’s how the chart is shaping up and how we see the market…
The ES daily time frame is in a down trend.
The market is making lower lows and lower highs.
The market has a down Fibonacci with an extension price point 3,609 about -2,065 ticks below the market. It will be a good idea to turn to the one hour time frame and to look for high prices in the sell zone.
The Bottom Line
There are multiple ways to trade the futures, stock and other markets. We can trade the indexes, both up and down, as well as individual stocks…
For more on the markets as well as trading education and trading ideas like this one, look for the next edition of Josh’s Daily Direction in your email inbox each and every trading day.
I’ll be bringing you more of my stock and futures contract trading tutorials as well as some additional trading ideas.
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Keep on trading,
P.S. I have been working with my teammate, Ross Givens on his latest Stealth trading strategies.