The following Commodity Futures Market Analysis is the opinion of Optimus Futures. Click on the charts below to enlarge it.
S&P 500 Index
Emini S&P 500 index futures market was mostly bearish for the week on comments from the US Federal Reserve Chair Jerome Powell who remarked on the possibility of future interest rates hikes to prevent the US economy from overheating.
The negative comments bode well for the broader range-bound market sentiment that is keeping price tucked well within the wide range identified by the highs around the 2870 level and the critical lows at 2540. Until price attempts to clear one of these two major support and resistance levels, we suspect the sideways market action may likely continue this