Awaiting Next Up-Leg In Rangebound Market

The market was rangebound last week with price testing the 4100 support area on the Emini S&P 500 (ES) before rebounding to end the week unchanged. 

I would still like to see a little more of a pullback toward the 4050/60 area before we get the next leg higher, although the market does not have to do that.  Getting above the 4170/75 area confirms that the low is already in and it likely begins the next leg into the 4250/4300 area.

It is also possible that we get some sell signals from up there. Internals look decent.  Our Odds Indicator remains long, and we are also holding partial longs in trading accounts.

Price action is bullish short term, neutral/bullish medium term and neutral long term.

Grey zone resistance at 4157-72 and then in the 4196/4205 area. Support is at 4108/4097 and then 4076-59.

For Monday, daily pivot is at 4136.5.  Resistance R1 is at 4152 and R2 at 4162. Support S1 is at 4126 and S2 at 4110.5. 

Princely Mathew hosts The Smart Money premium service at ElliottWaveTrader.