From Investing.com: 2024-05-20 08:08:00

The S&P 500 Emini Futures market traded higher this week, forming a new all-time high. Bulls are looking for a strong breakout above the March 21 high, while bears are seeking a reversal or a retest of the April 19 low. The weekly Emini chart showed a follow-through bull bar and potential for a broad bull channel phase. The bulls hope to create another leg up, completing the wedge pattern, while bears are eyeing a pullback and a possible double top. Traders will watch for follow-through buying and potential retests of support levels.

On the daily chart, the market gapped up and broke above the all-time high before stalling and forming a bear doji. Bulls want to see another leg up, while bears are looking for a reversal from the higher high or a retest of the April 19 low. Traders are cautious about the strength of the bears and will monitor for potential trend reversals. Overall, the market remains in a critical phase with potential for a trading range or a broad bull channel.



Read more at Investing.com: S&P 500 E-Mini Forms a New All-Time High – What’s Next?