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What’s Up for the Leading US Stock Market Index?

The market for the leading S&P 500 Index futures contract (ES) has given up a lot of ground over the past year to date.

While the index is bouncing this week, there could be more downside in store from here for the S&P.

The market is moving from a low price towards a future high price, but the market is still in a down trend overall.

So, today, let’s look at what’s next for ES and see where it might move next…

The S&P 500 Index Market Setup

Here’s how the chart is setting up for the S&P 500 future market index (ES)…

S&P Futures Index (ES) Futures Contract Price and Technical Analysis – Source: TradingView

The ES daily time frame is in a down trend, with the market making lower lows and lower highs. 

There is a down Fibonacci with an extension price point 3,228.75 about -2,237 ticks below the market. 

As long as the daily time frame stays below the down trend line, it will be a good idea

to turn to the one hour time frame and look for selling ideas.

The Bottom Line

For more on the markets as well as trading education and trading ideas like this one, look for the next edition of Josh’s Daily Direction in your email inbox each and every trading day.

I’ll be bringing you more of my stock and futures contract trading tutorials as well as some additional trading ideas.

And if you know someone who’d love to make this a part of their daily trading routine, send them over to joshsdailydirection.com to get signed up!

Keep on trading,

P.S. While the futures markets may provide some big gains ahead, my colleague and expert trader Ross Givens has been working on a different market…

Click here to get his research on an early-stage metaverse stock that could be one of the biggest tech millionaire-makers of the decade!

The post What’s Up for the Leading US Stock Market Index? appeared first on Josh Daily Direction.

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