E-Mini S&P 500 Dip - Yearly VWAP Perspective (SPX)
The E-mini S&P 500 Futures contract closed inside of the daily bracket after testing the area below the swing low with a dip. The market found support with absorption and surged higher back into the balanced area which occurs for several days. In case of a rotational behavior we always lean us on the balance extremes. In this particular case, we can also identify a swing failure which should bring the market higher. However, the market trades around the VWAP close level which serves as a level of resistance currently. The next level of interest or resistance would be the mean of this balanced price range. We can still look for any bullish patterns at this lower extreme - for now, we can fine-tuning our analysis with the weekly and intra-day VWAP perspectives.
Visit our trading community to learn a more indepth analysis process with various tools such as the VWAP or Footprint chart.
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