Week in Review ~ S&P's Hold A Key Level ==> Look For More Upside Short-Term - January 28, 2022

Sorry for the late post, but wanted to cover last week's price action. 

We talked early on in  the week about how the market was testing a previous swing low from October '21 that took us to a new all-time-high. 

Last week we wanted to see if the $MES/$ES could hold the ~$4,284-$4,300 area on the Daily chart. 

Looking at the chart below you can see that we clearly violated the level (yellow oval area) but never got a close below ~$4,300 area.

With that being said, I'd expect the market to move higher from its current level for a retest ~$4,500 or higher in the near term.


US Cash Session Charts For S&P500


On the weekly chart we wanted to see if the $MES/$ES could hold and close above the $4,320s.

We got the test below that October swing and tagged a previous area of demand that took us up to new  all-time-highs (~$4,200 - $4,220s) for the time being around ~$4,530s.

                                                     $ES US cash session Weekly Chart

If the market opens and gets a some momentum to the upside during the overnight Globex session, expect a gap up Monday morning during the US cash session.

We'll see how it all plays out and I'll keep you updated as to what we see going on in the markets!

 

See ya next time,

 

Jeff

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