The market’s buyers volume has stepped in for the moment, with the bulls and bears trying to wrestle control for direction. The S&P E-mini futures are trading into a consolidated zone in the 2020-2070 area, on the weekly chart. Here is where we will see the continuation of the direction or the turn to test back to previous support. If price turns down through the 2020 area then we will be looking to see it move back to test the 50MA, around the 2000 level. If an international incidence or other market catalyst announcement occurs, we could see a move back to the 1800 level.
Price has had a tendency of being very choppy around the top in previous highs, so some turbulence will be expected in the 2070 area without a clean high volume run through. If the buyers come into the market, we could finally be witness to a re-test of 2100 and beyond. An upside target of 2130 would be conservative. A more aggressive target it 2250 based off of previous price action.