S&P500 e-mini Analysis & Forecast, June 6th 2013 (English Language)

Hello traders,

Here below please find attached the video-analysis of the S&P500 e-mini futures I recorded earlier today, June 6th:

On May 21st I published my latest longer-term view on the S&P500 e-mini. In that occasion I have clearly showed a support area  (at the 1633 level) and a long failure price level, the 1622 threshold. Price first bounced off the 1633 level and then broke down piercing through the 1622, activating the Scenario 2b described on May 21st.

The picture below shows how I see price developing in the coming days/weeks:

S&P500 e-mini futures contract, daily chart - June 6th, 2013

S&P500 e-mini futures contract, daily chart – June 6th, 2013

After piercing on the downside the 1622 level I have indicated on May 21st, the market is now preparing for a deeper correction. Before that happens we could get a retrace up to the 1640 area, which could be a good short with a stop above 1652.

If the market started a correction as I anticipate, I see it stopping and reversing at two major levels: 1507 and 1462. The reasons for these two levels are explained in the video on the blog.

These are the scenarios I could anticipate for the S&P500 going forward:

Scenario 1. Price could have started a counter move higher into the 1640 area of resistance (but it could also stop lower at the 1635 area). Once there we could see a reversal, with the price staying below the 1652 level, and a continuation lower into the 1575 area (1st target) and then 1540 area (2nd target). The final target for the related trade would be the 1507 area for a R/R ratio of 13.

Scenario 2. If price pushes above the 1642 level we could still see a correction. The reason is the fact that the sequence of measured moves failed on the daily chart (1622 pierced) and we could anyway sees price at the 1507 support area.

Notice that the 1540 area could be relevant for intraday traders. We could see some profit taking from bears around this area. Swing traders should not worry about bounces if they manage to position at the 1640 area.

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If you intend using this information for your trading please do your own due diligence, find the advice of a trading professional and trade at your own responsibility. The information provided is for educational purpose only. Please read the Disclaimer and accept all the risks. Thank you.

Have a good day

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Filed under English language, Futures, S&P mini futures setups and trades, Trading Plan

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