Day-Trading Scenarios for Apr 23, 2026

Overbought correction this morning.

We start in a trading range zone between 49252 and 49540. A break out of that zone will set the tone for the rest of the day until the close.

After Tuesday's reversal on geopolitical uncertainty, Wednesday saw a solid rebound driven by strong corporate earnings (e.g., GE Vernova and others beating expectations) and a generally constructive risk tone.

Key levels to watch:

• Resistance: 49,600–49,800 (recent highs and gap areas), then the psychological 50,000 level and all-time highs near 50,500–50,611.

• Support: 49,100–49,300 (near recent lows and moving average support), then 48,800–49,000 and deeper at rising trendlines from 2025 lows (~45,065 major base).

Bias: Mildly bullish/neutral with upside bias intact. The longer-term structure remains constructive (recovery from April 2025 lows labeled as wave (3) advance in some Elliott Wave views), as long as major supports hold. Yesterday's rebound helped ease short-term overbought conditions while keeping price above key moving averages. Shorter-term, the index is consolidating near 49,500 after pushing toward records.

Jobless Claims

 8:30 AM ET

Chicago Fed National Activity Index

 8:30 AM ET

PMI Composite Flash

 9:45 AM ET

EIA Natural Gas Report

 10:30 AM ET

Treasury Buyback Announcement

 11:00 AM ET

3-Month Bill Announcement

 11:00 AM ET

6-Week Bill Announcement

 11:00 AM ET

6-Month Bill Announcement

 11:00 AM ET

2-Yr FRN Note Announcement

 11:00 AM ET

2-Yr Note Announcement

 11:00 AM ET

5-Yr Note Announcement

 11:00 AM ET

7-Yr Note Announcement

 11:00 AM ET

Kansas City Fed Manufacturing Index

 11:00 AM ET

5-Yr TIPS Auction

 1:00 PM ET

Treasury Buyback Results

 2:00 PM ET

Fed Balance Sheet

 4:30 PM ET

<<<<<<<<<<<<<<<<<<<<<<<<<<<

DATE: 4/23/2026

TIME: 9:18 AM

HIGH: 49810

LOW: 49420

CLOSE: 49668

PIVOT: 49633

SUPPORT: 49266

RESISTANCE: 49915

SWING MAGNITUDE: 230

TIME OF COMMENT: 9:18 AM

COMMENT: For today's real-time trading calls enjoy a One Week Trial at https://www.eminiace.com/services