S&P 500 Index E-mini Futures (4239) | | At the end of March I discussed the overhead supply and overbought condition of the index (following the strong move off the mid-march low with a falling wedge structure), with the 7-day RSI then at a reading of above 75. Selling pressure since then end of March has been strong with the index having retraced toward and testing the trend line breakout level. The 7-Day RSI is at 24, suggesting a weak but near overbought condition. From a tactical perspective, ultra short term traders need to monitor the candle structure (including lower time frames) for a character change and a reclaim of the prior session lows
Daily Chart
Daily Chart