E-Mini S&P 500: inside bar pattern, what to expect?

Inside bar pattern drawn on E-Mini S&P 500 daily chart. The short term view is mildly bearish.

E-Mini S&P 500 October 31, 2016 trading session close was 2120 (-0.18%). Technical overview is neutral, the daily chart show an inside bar pattern. The short term view leaves assume a potential price range between support and resistance levels. Momentum indicator confirms the neutral trend, no bullish or bearish signals are triggered.

E-Mini S&P 500 daily chart

View the interactive chart on ProRealTime.com

Simple Moving Average (SMA)
Prices are below the 14 days moving average (SMA value is 2130.94). The short term view is mildly bearish, however for today trading session we can’t exclude rebounds towards the most significant resistance levels.
Volumes
Daily chart shows an increase in volumes compared to the previous day. This could be a sign of a significant move to come.


Support and Resistance levels
7, 15 and 30 trading days Performance. Support, Resistance and Pivot Point levels. Last updated closing price: 31/10/2016.

Performance: 7 trading days= +0.50% – 15 trading days= +0.71% – 30 trading days= +2.98%

Resistance levels: R1= 2128.75 – R2= 2137.5 – R3= 2153.25
Pivot Point: 2121.75
Support levels: S1= 2113 – S2= 2106 – S3= 2090.25


Buying opportunity above 2129 targets minor resistance at 2136.75 and perhaps as far as strong resistance at 2143, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 2165.25.

Selling opportunity below 2111.25 targets minor support at 2103.25 and perhaps as far as strong support at 2097, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 2073.50.

Do you trade Futures? Subscribe Intraday Futures or Multiday Futures with entry points level, stop loss and target price.