The S&P 500 is showing another closer above the upper keltner line. Support was tested near 1535 and held. Until I see sustained weakness, my weekly outlook remains bullish.
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.