Choppy Market With Slight Upward Bias
Last week was another choppy/flat week with price attempting a breakout toward the end of it. We exited our short trade and entered a partial long toward the end of the week.
Our system is currently partial long. Options data is neutral on review today. Internals are more or less bullish. Price action is short term bullish, medium term neutral to bullish and long term bullish.
There are no clear signs from price as the choppy action continues. This coming week is monthly OPEX week so we may just continue with this chop with a slight upward bias. I have 4270-80 as a possible target area for the week on the Emini S&P 500 (ES) if this continues to chop higher. After that we may get a reaction lower which could turn into something more. On the downside 4205/4200 area is support -- as long as this holds, bulls have the upper hand on the intermediate term.
Grey zone resistance is at 4247-56 and then at 4274-85. Support is at 4231-24, 4209-4200, 4188-81 and then 4169-61.
For Monday, daily pivot is at 4232. Resistance R1 is at 4242.5 and R2 at 4249. Support S1 is at 4225.5 and S2 at 4215.
All the best to your trading week ahead.