My April 1 short trade plan has grabbed the take profit and Thursday’s drop even surpassed below the 5240 support target.

https://www.finlogix.com/analysis/20240401/sp500-intraday-analysis-for-april-1-2024

An overall score of 1 win and loss respectively.

Join me as I update insights for the S&P500 index to end my Finlogix analyses this Tuesday.

With a quiet Monday and Tuesday, the markets are expecting 9 US major economic releases starting tomorrow with the CPI important inflation barometer figures.

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

Yearly Candle: Still a Green Body with a Longer Tail Wick since last check

Monthly Candle: Last check is a Small Green Inverted Hammer now a Red Hammer

Weekly Candle: Previous close is a Red Hammer current is developing a Red Hammer

Daily Candle: Previous close is a Red Hammer current is developing a Red Semi-Doji

Just like what I’ve mentioned in my DJ30 index analysis yesterday, the S&P500 has pullback threats of its own.

From what I’ve seen previously as well, the monthly opening gap has been fully retraced!

Meanwhile, the index’s long term bullishness remains but with the presence of a big 4H red candle formed last week, the short-term price correction could have started already.

Based on the current 4H chart, the nearby 50-SMA offers immediate resistance.

For now there’s a confirmed and strong rejection from last Thursday’s rally attempt on the April opening gap creating a new OB while the current price is exchanging hands inside the bearish FVG territory.

I like to open a short position in advance entering through the current levels putting a stop loss above the new OB and setting the take profit level below last week’s low for sell side liquidity grabbings.

The nearby 4H 50-SMA can be broken with a chance to fully retrace the current bearish FVG but I will take the risk.

S&P500 Intraday Analysis For April 9, 2024

Apr 09 2024

Take Profit +1.37%

Holding time 1d7hr

5211.03

Entry price

5139.56

Take profit price

1