Market Outlook 03/24/2025
With Quarterly opex and Futures rollover behind us, time to look for some strength from bulls as we head into seasonally bullish season. With Bullish close on Friday, and gap up on Sunday, /ES is launching higher and currently trading above the key zone 5770-75
Note that the futures charts however don’t portray the real picture due to rollover to Jun contracts with /ES and /RTY still with a bearish undertone (shown by red background)
Looking at intraday SPX charts, the descending trend line was broken on Friday and likely fueling the move higher towards 200 DMA and the upper gap fill
Based on the move higher in /ES so far, Looks like we’re breaking the cycle of negative Mondays. The real test however this week would be to close above 200 Day MA. If Monday closes above, expect low range compressed days until we hear some news in the week to breakout or breakdown.
Key /ES Levels For 03/24 (Jun contract) for day trading
5890-94
5872-77
5849-55
5824-28 [Bull Target for 03/24, Likely closes lower]
5796-5805 (corresponding to SPX 200 DMA)
5770-75 [Line in the sand - bullish above]
5751-56 [Line in the sand - bearish below]
5718-24
5694-98
5680-85
5648-52
5615-22