Again At Upper End Of Range
After testing lower support last week, the market rallied to end in the 4190/4200 area on the Emini S&P 500 (ES).
Looking at the bigger picture, we are still stuck in a range. Now we are again at the upper end of the range. I think we can test a little higher maybe up to 4230 before a bigger correction sets in. Internals whipsawed between sells and buys and are now mostly back on buy signals. Our Odd Indicator stayed on a buy and is looking for a little more higher before a possible sell signal. The scalp magnet system has a bunch of targets lower, and, recently, whenever we have a similar big imbalance like this, the market has gone down and filled the targets.
4190/4200 is resistance. Getting above that will have us targeting 4230. On the downside 4165/60 is support and below this 4130 area is the next support area to watch.
Price action now is bullish short term, bullish medium term and neutral long term. We are partially long in trading accounts.
Grey zone resistance at 4166-73 and then 4188-98. Support is at 4146-38 and then 4119-13.
For Monday, daily pivot is at 4172. Resistance R1 is at 4212.5 and R2 at 4234. Support S1 is at 4150 and S2 at 4110.