S&P 500 E-mini Futures volume profile zones
Next week will be very rich in fundamentals, with the trial of a major Chinese developer scheduled, and the FOMC meeting on Wednesday. All these events are likely to have an impact on the market. Here are the key zones for the upcoming week based on the volume profile.
The first zone is 4916, where the market closed. There is a local point of control according to the volume profile, suggesting that the price may tend to oscillate here and determine the direction for this week. The key level of 5000 is relatively close, and if positive market conditions persist, we could reach that level very soon.
If the market declines, there are other important support/resistance zones at 4785. This zone has been strong, forming from mid-December to mid-January, and the price is likely to react to it as support. If the Fed makes negative comments and the market interprets it that way, the price could potentially drop to 4705, which is the low for this year.
The first zone is 4916, where the market closed. There is a local point of control according to the volume profile, suggesting that the price may tend to oscillate here and determine the direction for this week. The key level of 5000 is relatively close, and if positive market conditions persist, we could reach that level very soon.
If the market declines, there are other important support/resistance zones at 4785. This zone has been strong, forming from mid-December to mid-January, and the price is likely to react to it as support. If the Fed makes negative comments and the market interprets it that way, the price could potentially drop to 4705, which is the low for this year.