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S&P 500 failed to breakout of the potential bull flag and bears take charge | Forexlive

Bears have the ball for S&P 500 emini futures: A technical analysis for the last day of February 2023

  • The S&P 500 Mini Futures experienced a potential bull flag at a price junction, but unfortunately, it did not break out. Instead, it broke down and got rejected in a bearish close for the day.
  • The disappointing outcome might have been a letdown for Bulls who were hoping for a potential breakout.
  • Looking forward to the first day of March, there are three possible scenarios.
  1. The first scenario for what’s next, is a retest of the VAL (value area low) of the range at 3980
  2. A drop towards the midline of the channel, and a key low, which sits around 3950, then a posible bounce up
  3. The third scenario is the most bearish, and it involves the crossing down of 3900, or close to that area. If the third scenario unfolds, it could present a fantastic opportunity to buy for some traders. However, it is essential to wait and observe the price action before making any significant investment or trading moves.

In conclusion, the S&P 500 Mini Futures technical analysis indicates a bearish close for the last day of February 2023, with potential scenarios presenting themselves for the start of March. Traders must keep a close eye on the price action at the mentioned price junctions, as shown in the S&P 500 technical analysis video above.

Trade at your own risk and visit ForexLive.com for additional views.