The S&P 500 weekly is showing a close near previous highs at 1687. If the highs are broken, 1703 could be tested, while a sell off could retest 1662 or lower. My weekly outlook is bullish.
The opening range for the next six months has completed. They are the following:
ES Futures:
S&P 500 Cash
I will be watching these numbers closely in the weeks to come.
The market continues to show strength, although momentum has waned quite a bit. Even though I am bullish on the market, the risk/reward for opening new longs here is unfavorable. Until I see signs of weakness, my weekly outlook remains bullish.
On a related note, the opening range for the ESM13 contract is between 1558.75 – 1529.25. The pivot range is 1551 – 1544.
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.
The S&P 500 Weekly is showing another close in its recent weekly range. A multi week advance or decline should result from this consolidation. Until then, my outlook remains neutral.
The following daily charts for the Nasdaq 100 eMini futures and S&P 500 eMini futures are of important note for the H3 contracts.
1446 – 1391 is the opening range for ESH3 contract.
2714 – 2594 is the opening range for NQH3 contract.