ES Weekly Levels Dec(11-15) Market tested support last week and the recovered to close the week flat. NQ successfully retested the 21 ema and ES pulled back and recovered from the 9 ema. Market held to top of the range just below the July high setting up for a break in either direction going into this week's CPI data and FOMC rate decision.
SUMMARY
ES finished the week with a gain of 0.12 % after trading in a range of 62 pts.
ES successfully re-tested the 9 ema and closed at the top of the recent range.
Dec Futures contract rolled over to Mar so continuous contract levels have changed
Jul 27th high within striking distance, but price must push through the MTF 886 Fib retracement
First resistance is 886 Fib RT (4666)
First support is Sept 1st high (4647)
If price breaks the 886 Fib a move to 4730 is likely
If price breaks below the Sept 1st high a move to 4574 is likely.
CPI data due out Tues & FOMC Rates decision on Wed
XLE, XLP & XLB showed relative weakness while XLY outperformed
With 10year yield at 4.23% risk assets cont to show strength with small cap growth & BTC posting another positive week
VIX at 12.35