Good Evening and I hope you are well.
comment: Bullish for 25000 and most likely much more. Only a daily close below 24200 would change my mind about this. Bears can still hope for a continuation inside the bigger triangle and stay below 25100 but they tried so many times to bring us lower and each dip below 24600 is heavily bought. Best case for bulls is a gap up Sunday Globex open and not close it for the next 2-3 weeks. I can only see a big news event bringing us lower for now.
current market cycle: bull trend / bull wedge
key levels for next week: 24500 - 26000
bull case: Bulls delivered at the lows again and I think after 3 bigger tries bears gave up. Expecting a test of 25000 early next week and most likely a breakout above. If bulls are not eager though, we can chop more between 24000 and 25000. Not much more magic to it right now. Targets above to conquer are 25000, 25200, 25400, 25650.
Invalidation is below 24800
bear case: Bears can’t hold shorts in hopes of a break down after failing this many times. Most likely they will try to keep printing lower highs below 25190. They have going for them that they kept on making lower lows but barely. Always ask yourself the question “If I had to be in the market right now, which side would I want to be on?” I doubt you go with the bears here.
Invalidation is above 24675
short term: Same as last week. I still expect a blow-off top but at the very least a re-test of 25640. Bears failed too many times below 24500 to have good arguments.
medium-long term - update 2026-02-08: Nothing bearish to hold on to. Only a daily close below 24000 would change that for me. Still expecting 26000 and maybe even 27000.
comment: Bullish for 25000 and most likely much more. Only a daily close below 24200 would change my mind about this. Bears can still hope for a continuation inside the bigger triangle and stay below 25100 but they tried so many times to bring us lower and each dip below 24600 is heavily bought. Best case for bulls is a gap up Sunday Globex open and not close it for the next 2-3 weeks. I can only see a big news event bringing us lower for now.
current market cycle: bull trend / bull wedge
key levels for next week: 24500 - 26000
bull case: Bulls delivered at the lows again and I think after 3 bigger tries bears gave up. Expecting a test of 25000 early next week and most likely a breakout above. If bulls are not eager though, we can chop more between 24000 and 25000. Not much more magic to it right now. Targets above to conquer are 25000, 25200, 25400, 25650.
Invalidation is below 24800
bear case: Bears can’t hold shorts in hopes of a break down after failing this many times. Most likely they will try to keep printing lower highs below 25190. They have going for them that they kept on making lower lows but barely. Always ask yourself the question “If I had to be in the market right now, which side would I want to be on?” I doubt you go with the bears here.
Invalidation is above 24675
short term: Same as last week. I still expect a blow-off top but at the very least a re-test of 25640. Bears failed too many times below 24500 to have good arguments.
medium-long term - update 2026-02-08: Nothing bearish to hold on to. Only a daily close below 24000 would change that for me. Still expecting 26000 and maybe even 27000.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.