More or less a copy paste of levels from last week as price remains stuck in a tight trading range. My posts have been limited simply because there has been little price movement. The market is clearly undecided with the bulls and bears are equally matches. Perhaps earning this week will provide a catalyst to get things moving.
• ES posted a 0.99% gain last week after trading in a tight range of 89 points. • Price remained above the 9/21/55 emas & 200 sma. • Last week the ES successfully re-tested the 9 ema. • Current price consolidation is testing the downward trendline • A break above the Dec 13th high would be very bullish • Strongest sectors to close the week were XLF, XLE & XLI. Weakest were XLRE & XLU • Market remains in a wait and see mode after another low volatility week • Earnings may provide the catalyst for a break from the current trading range. • This week includes earnings reports from TSLA, NFLX, GS, BAC, MS, JNJ, CSX and more. • Key support and resistance zones remain the same as last week. • Now in a historically bullish period for stocks
WEEKLY EVENTS
Monday NY Feb Manufacturing and Fed’s Barken speaks Tuesday US Housing Starts, Canadian CPI and Feds Bowman Speaks Wednesday EIA Crude Inventories & Canadian PPI + Fed’s Goolsbee & Williams speak Thursday US Initial Jobless Claims, US Existing homes sales & Fed’s Waller and Mester speak Friday US S&P Manufacturing PMI, Canadian Retails Sales & Fed’s Cook speaks
ES successfully re-tested the 9 ema Potential break of downward trendline Price above 9/21/55 ema and 200 SMA 50 SMA is above the 200 SMA Potential positive reaction to Fed Heads Potential positive reaction to earnings Potential break above Dec 13th resistance Historically bullish period for stocks
BEARISH NOTES
Opening week below trendline resistance Potential negative reaction to Fed Head talk Potential negative reaction to earnings Potential rise in OIL prices will increase inflation Momentum concentrated in a small number of stocks Potential hard reversal at Dec 13th high Yields and the USD close to support and may reverse trend
Komentar
ES_F has broken above the downward trendline. First upside target remains the Dec 13th high. This will be resistance until its not, but very bullish if it breaks.
Komentar
Failure on trendline break but still trying to work higher. Bullish if recent high is broken
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.