Will We Break Out Of The Range?

It was another rangebound week last week.  It was also monthly options expiration, which probably had a hand in the market staying in a narrow range. 

This coming week, we might see a break out of the range with opex out of the way. Looking at price action over the last week, the whole move down looks corrective to me, so I think we may attempt a move higher first toward the 4190/4200 area on the Emini S&P 500 (ES) and then maybe one more leg lower toward 4050/4000. 

Price action is neutral/bearish short-term, bullish medium-term and neutral long-term. We are partially long in trading accounts.

Most internals are on buys right now.  However, there are some clear weakening signs on the very short-term. Regardless, the Odds signal remains on a buy and we need higher before a sell can happen.  Or we need lower for an add-on buy signal to happen.  In between, we just hold the position we have.

Grey zone resistance at 4166-73 and then 4188-98. Support is at 4146-38 and then 4119-13.

For Monday, daily pivot is at 4150.  Resistance R1 is at 4164.5 and R2 at 4175.5. Support S1 is at 4139 and S2 at 4124. 

Princely Mathew hosts The Smart Money premium service at ElliottWaveTrader.