Since I have an over a month pending analysis for the S&P500 index, I’ll be updating a new one today.

https://www.finlogix.com/analysis/20240213/sp500-intraday-analysis-for-february-13-2024

There will be 2 major economic releases due tonight with highlights on Fed Chair Powell last speech for this month.

Markets definitely want to hear his remarks and are subject to volatility to finish the trading week.

Re-assessing the S&P500’s high timeframe candles:

Yearly Candle: Still a Green Body since last check but with a Bigger Body and Longer Tail Wick now 

Monthly Candle: Both the previous close and current are Green Body

Weekly Candle: Previous close is a Green Body with a Longer Head Wick current is a Green Spinning Top

Daily Candle: Yesterday close is a Green Body with a Longer Head Wick current is developing a Green Long Upper Shadow

The index’s long term bullish price action is maintained.

Intraday has printed a fresh all time high breaking last week’s record.

Although price is having some pullbacks press time, we are yet to see a real price correction.

There’s a 1D FVG holding up that was formed last week and got respected so from this week’s swing low that gave way to the fresh ATH.

It’s safe to say that there’s a weekly double top already but bears are lacking firepower to push the price lower.

No strong bearish momentum signs so far but I will short trade for a possible retracement back to the bullish 1D FVG territory.

However, there’s a mild support at 5240 level. A breakdown from this support level might challenge the nearby 4H 50SMA.

The index is trading in its latest premium array that is meant to be short but must be quick only.

I will short the current levels based on the current 4H pin bar candle with the following orders:

We can see a narrow tight range based on the current double weekly top patterns and the 5240 support level.