Targeting 3600/3620 Area Next

In last weekend's report, we noted that "all signals/systems stay long and we also stay long until that changes."

What actually happened is that the market spiked higher on Monday and was pretty much rangebound for the rest of the week.

Looking at the week ahead, options data as we track it is on the bullish side. Internals are also on the bullish side. Price action is neutral short-term, bullish medium-term, and bullish long-term.  Our Odds indicator is holding long, but we are on watch for a sell signal. The Smart Money Composite signal continues long. We also continue to hold our long position. 

Looking at price action, I think we can target the 3600/3620 area next in the Emini S&P 500 (ES), but we are also very likely to face strong resistance in that area. It is monthly OPEX next week, so price may not do much until that is out of the way.  Regardless, remember that all this is just speculation for now.  All our signals/systems stay long and we also stay long until that changes.

In terms of pivots and zones, grey zone resistance at 3614-32 and then at 3659-79. Support is at 3558-77, 3523-3500, 3454-30 and then at 3382-63.

For Monday, daily pivot is at 3563. Resistance R1 is at 3609 and R2 at 3635. Support S1 is at 3536.5 and S2 at 3491.

All the best to your trading week ahead.

Princely Mathew hosts The Smart Money premium service at ElliottWaveTrader.