Friday's trade was tight and range bound within the balance of the week and finished strong at 2038.00. Volume was just over 1m contracts and 3.2bn shares traded on NYSE.
Although balanced, the POC/VPOC has moved higher each day this week, leaving the micro composite VPOC at 2036.00 and a value area between 2032.00-2037.50.
The weekly trend remains up and this pause in momentum maybe temporary before further continuation higher. Seasonal factors remain bullish and the initial measured weekly target is 2069.25. With volatility this low, option downside insurance is cheaper as well.
The most likely possible scenarios I see at the start of this week are:
1. Acceptance above the value area of last week and an imbalanced move higher towards the weekly measured target.
2. Continue within last weeks range giving opportunities to fade value.
3. Open within range but test the lower end of the range again and attempt to push lower.
Here is this week's US economic calendar.