The S&P 500 Weekly closed at new highs. On the other hand, the CCT indicator is showing a potential top being made. If next week closes inside this week’s range, a possible top may be forming.
My outlook is bullish.
Monthly Archives: January 2013
Six Month Range for ES and NQ
The first 10 trading days have passed and the following price range is being tracked.
For the ES contract, the opening range is 1471 – 1438
The NQ opening range for the 1st half of the year is 2750 – 2686.
January 14 – 18 Weekly Review
The S&P 500 Weekly is showing a test of the upper keltner line and making new highs. If the weekly bar closes above 1480 cash next week, either an intermediate uptrend is in progress or a top is forming in the next few weeks.
My outlook remains neutral to bullish.
January 7 – 11 Weekly Review
The S&P 500 weekly has confirmed the buy signal. As long as the weekly chart closes above 1440, the buy signal is valid. I expect 1481 to be tested at some point.
My weekly outlook remains neutral to bullish.
December 31 – January 4 Weekly Review
The S&P 500 Weekly is showing a unconfirmed buy signal. If price action manages to hold support near 1430, I expect 1477 or higher to be tested.
My outlooks is neutral to bullish.