Slight Edge To The Bulls

Bulls took back control early last week and have since then been consolidating on those gains.

Price action is bullish for now and supports more bullish outcomes playing out at least until the 3050 area on the Emini S&P 500 (ES), which would be confirmed with a breakout over 2976.

Options data is mostly neutral and Internal data is on the bullish side, but not by much. On the whole, the bullish outcome has the slighter edge at the moment. And with our system and short term indicators back on the long side again, let us continue to hold our long position until we get a sell/exit signal again. 

In terms of zones to watch for market pivots, our grey zone resistance is at 2965-79 and then at 3034-45. Support is at 2918-03 and then at 2877-60.

For today, daily pivot is at 2939. Resistance R1 is at 2974.5 and R2 at 2993. Support S1 is at 2921 and S2 at 2885.5.

All the best to your trading week ahead.

Princely Mathew hosts The Smart Money premium service at ElliottWaveTrader.