ES Weekly Levels (Feb4-9)

The market just wrapped up a volatile week. The NQ and ES both traded down to there respective 21 ema where they found support then surged higher after the FOMC held rates at 5.5%, payroll data exceeded expectations & META/AMZN delivered. The market continues to bet on the goldilocks scenario of flat to lower rates, a strengthening economy during a US election year.

SUMMARY

• ES closed the week with a gain of 1.22% after trading in a range of 129 pts.
  
• ES successsfully re-tested the 21 ema finishing the week back above the 1.272 Fib X ( 4898)
  
• ES closed at the week high approx. 1% of ATH.
  
• A move above Friday's high (4997) make a move to the ATH likely
  
• A rejection of the Friday high (4997) make a re-test of the 9 ema likely
  
• A move back below the Mar 29th high (4861) would make a move back to the 55 ema likely.
  
• Earnings continues with key reports from MCD, L, LLY, CAT, DIS, NET,UBER, AFRM, F & BABA.
  
• PMI data out on Mon & Fed Heads speaking all week.
  
• Elevated terrorist/war risk due to escalaton of conflicts in the Middle East.
  
• RSI 67.23 VIX at 13.84 | 10 year 4.02%