Futures Forecast Crude Oil and S&P 500 Feb 2017
On Crude Oil, From last week, our outlook was up as long as we stayed above $51.59, we will be looking at long side. That’s exactly what happened last week. However, Even though it did go up, It still stayed in the range from $56-$52. From a completely technical approach, we are looking for price to move outside this multiple week range. I believe that it will be to the upside. Reason is, price has spent so long in this area and has really tested the daily supply zone(56-53) a lot and this week. If price stays above 51.59 again there is very little chance that we won’t breakout to the upside. Bottom line is that we are in a range and expecting price to move to the upside if support holds this week. This could give a good possible entry point if you are not already long.
On the S&P 500 the ES futures market, we are looking at the pure technical analysis of what price action is telling us. In the big picture, we are seeing the completion of the uptrend up to $2300. I would really like to see a healthy pullback back down around to the $2202 daily demand zone. This possible pullback could give price enough space to then possible ably break 2300. However before that happens, this week we will see a quick retest of of 2290 four hour supply zone. If it fails to break then then I think we could see 2200 daily demand zone. Bottom line is that price in an uptrend but at a big whole number decision point right now. Let the Trend be your friend and run with it and don’t try to stand it front of it even though it would be nice to see price give us a little correction right now.