Weak Market Internals As Chop Continues

It was a very rangebound week with price stuck between two price zones.  Not much can happen until the Emini S&P 500 breaks out above 4173 or breaks down below 4110 area. In-between this chop continues. 

Our Odds Indicator stayed on a buy.  Internals stayed weak across all timeframes.  On the whole, this market really looks like it needs a reset lower before it can continue back higher.  But this may happen only after another attempt at the 4200+ area.  We should know more this coming week, but for now, this is just a trader’s market.  

Price action is neutral short term, neutral medium term and neutral long term. We are partially long in swing trading accounts. 

Grey zone resistance at 4161-73 and 4196/4207. Support is at 4123-11 and then the 4094-85 area.

For today, daily pivot is at 4136. Resistance R1 is at 4160.5 and R2 at 4189.  Support S1 is at 4107.5 and S2 at 4083. 

All the best to your trading week ahead.

Princely Mathew hosts The Smart Money premium service at ElliottWaveTrader.