The following Commodity Futures Market Analysis is the opinion of Optimus Futures.
S&P 500 Index
Emini S&P 500 index futures showed more signs of exhaustion from the bulls this week as the long term steep up trend slowly transforms into more choppy and sideways market action.
Even though price was able to post a new high for the week, pullbacks were frequent and down to the lows around 12563 region. Notably, price has been able to bounce off of temporary pullbacks thus far but the lack of authority from buyers continue to post a strong case of perhaps an impending major correction into the long term up trend.