Here below please find attached the video-analysis of the S&P500 e-mini futures for today May 21st:
Let me show you my perspective. The setup long showing participation at 1530 in mid of April (see picture below) hit the first target in the 1623 area and then the 1671 second target. I don’t anticipate higher prices straight away now and the S&P500 could see profit taking. Price could stretch as high as 1677 area before we see a move lower. The reason for the 1677 level is explained in the above video.
These are the scenarios I could anticipate for the S&P500 going forward:
Scenario 1. Price corrects into the next support and long setup at the 1632 area (with a stop below 1622) and then continue higher into previous highs at 1670s or even continue into the first and second targets respectively at 1689 and 1719.
Scenario 2a. If participation on the long side does not show up at around the 1632 area and price dips below 1620, we could witness a swift move lower into the next area of support where Program Trading will pick up price. That is down at the 1454 area.
Scenario 2b. We could still see a bounce at the 1632 area and then current highs retested and then a swift move lower. The trigger, again, will be price piercing below the 1620 level.
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