Now What? Markets Held, Rallied, & Now...? - February 7, 2022

Where Are We Headed Next?

Starting the Week --->

Last week we saw the markets continue to rally off the recent lows with a test of close to $4,600's area.

See weekly $ES cash chart below

$ES Weekly chart

 

From the chart above you can also see we started the week inside last weeks trading range, and have stalled out around some previous demand/support levels. 

Where are we headed next? Let's look at a Daily chart of the $ES to find some likely areas we can see the markets trade.

 

$MES Daily Chart


From the chart above you can see that we've entered previous areas of support, stalled out and potentially may be setup to pull back a bit in the short term. 

If the markets can hold around these prices and show some buying/support, look for a move back to last week's highs.

If we fail to hold current prices, look for the move back down to the $4,350's to see if we can hold to create a higher low. 

If the higher low forms, look for a move back up to last week's highs and beyond.  If it doesn't, look out below!

That's what I'm looking at and we'll see how it plays out this week. 

More charts and markets to come this week~ stay tuned!

 

See ya,

Jeff

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