Recap Sold off as expected with Dow. Got my target of Y-3. Almost down to 2% pullback / Y-4 too. Consolidated around Y-3 until NFP changed the game. Gap and go destroyed the shorts not happy with just 2% drop. Closed the week near Y-0 and above midpoint.
Outlook Multiple large gaps that are not clearing important support/resistance zone are likely to be retested and filled. This points to a week of back fill the complete range of B+1 down to Y-3.
Such move is not normal but so is the current trading environment.
Backfill actions are not directional and can be very choppy.
Lawrence's Comment
Recap
Sold off in the beginning of the week, yet the gap from last year acted as strong support. Sellers forced to give up. Rising wedge all week since. Closed ...
S&P 500 Dec 09 to Dec 13 Outlook
Lawrence’s Comment
Sold off as expected with Dow. Got my target of Y-3. Almost down to 2% pullback / Y-4 too. Consolidated around Y-3 until NFP changed the game. Gap and go destroyed the shorts not happy with just 2% drop. Closed the week near Y-0 and above midpoint.
Outlook
Multiple large gaps that are not clearing important support/resistance zone are likely to be retested and filled. This points to a week of back fill the complete range of B+1 down to Y-3.
Such move is not normal but so is the current trading environment.
Backfill actions are not directional and can be very choppy.
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