Today we will be looking at the weekly outlook for both crude oil (CL) and emini-S&P500 (ES) futures.
On Crude Oil , Price has been very rangy for the past few weeks. We are looking for price to continue up in an uptrend but first I would like to see a pullback back down to $47 which is what I consider to the be the bottom of the range first before momentum will hopefully kick in and see new highs. So this week we are looking for price to go down before it goes up into the $60s. The judgement ‘line in the sand’ is 51.59. If we can close down below that point then I’m looking for a quick move down to the weekly demand zone at $47. Otherwise we could be seeing a rally out of the $53 area. So for this coming week are looking down (pullback) in an uptrend.
On The S&P Futures, we are looking in an uptrend as well. However, we have been extremely extended and I’m personally looking for price to pull back down before pushing to the upside again. So what does that look like? The Daily demand zone at 2202-2174 is where I’m looking for a good healthy pullback. Why would this be healthy. It’s because the market moves in waves and right now we need to see a wave back down before we can see another push back up. It’s like climbing a mountain. You can’t always go straight up. Sometimes you have to go sideways or back down to find a better route. The same is true in the markets. We believe that for this coming week price to push down even though we are in an uptrend just like in crude.
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