We are toying with last years highs again on the S&P 500 futures as the bull continues to push forward, and probably for good reason as employment look like it is improving in key sectors and the US is a likely safe haven for money as compared to other regions of the world at this time.
Looking at my Weekly and Monthly charts, I am seeing healthy patterns of uptrend in both. On the weekly, we still have a healthy advance into the 1364 area. If we exceed that by any margin, we will be over bought and will require consolidation before heading higher. If we do go into consolidation before that level, it is even more bullish. On the Monthly chart, we are seeing a projection into the 1460 area before it is an unhealthy advance. So, this is doubly bullish, at least for now.
Next week is a holiday week and I expect to see some continuation at least into the 1362-1364 area (if we don't get there tomorrow).
That 1364 area also corresponds to a high volume node we are seeing on our profile charts. We certainly expect to see some profit taking in this area (1362-1364), so keep an eye on this area.
To the downside, I am seeing potential key support at the following areas- 1351.30, 1336 and 1323. Look for the 1351-2 area as support tomorrow if we do not open lower. otherwise, the 1336 is key.
Based on the structure I am seeing, a break higher tomorrow would likely fail based on the contracting cycle length, so I expect that range trading is likely going into this holiday. Monday is an early close and the market closes at the regular time tomorrow.
Have a great President's day holiday-
That's all for now.