ES Weekly Levels (May13-17)

Here are the levels I'm using this week. Key things to watch are the PPI & CPI data as well as earnings from big retailers WMT and HD. Powell also speaks this week on Tuesday. Bullish momentum continues but NQ is coming into a completion zone for a bearish Harmonic at the 886 Fib. Potential bullish momo into that level then heavy resistance.

SUMMARY

• ES posted a weekly gain of 1.55% after trading in a huge 108 pt range
  
• ES broke through 618 resistance and tapped the 786 Fib retracement
  
• R2 = May 10th High (5264)
  
• R1 = LTF 786 Fib RT (5251)
  
• S1 = LTF 618 Fib RT/9 ema (5188)
  
• S2 = 21 ema (5169)
  
• Price has completed a measured move into the 786 Fib.
  
• Bearish Harmonic pattern now in play with completion zone at 5289.
  
• Heavy week of econ data ahead with PPI on Tuesday, CPI on Wednesday and Powell speaking.
  
• Earning season is wrapping up.
  
• Notable strength in defensive XLU & XLP sectors
  
• Earnings from big retailers WMT & HD due out.
  
• Sell in May effect in play.
  
• RSI 59.99| VIX at 112.56 | 10 year 4.50%