E-Mini S&P 500 Microbalance (SPX)

Here is a quick technical update on the E-mini S&P 500 Futures contract named ESU20. Glaring on the HTF monthly perspective we can observe a macro bracket and a test of its high. Moving forward quickly to the weekly periodicity we can spot a swing failure pattern. Both seem to be kind of bearish and the daily established a microbalance area

Today the RTH (Regular Trading Hour or name it pit session) market opened around the higher extreme of this mentioned microbalance area and sold off to lower prices. Currently looking for a pullback pattern or awaiting some buying response at the lower extreme.

The macro view which would be quarterly periodicity is interesting as well. We can identify an inside bar and test its higher area. With the current microbalance behavior on a daily basis, we can conclude possible absorption in this area. We have one more bearish sign in case of a close inside of the previous Quarter's price range which would be an inside bar failure.

 

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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