Recap Break below Y-1 and that Y-1 turned into resistance, the bearish case unfolded. We got our target of Y-2 by mid week. The tricky part is that 1280 did not act as support to stage a higher low to rally back up to B+1. Instead, ES gapped down thru the zone to force ES to drop down below Y-2 to close the week.
Outlook Y-3 downto B-2 in play. a flush low or gap to that area will force for the showdown between the bulls and the bears.
A bounce from B-1 down to B-2 can be very powerful and points to B+1 as the target.
S&P 500 Jun 13 to Jun 17 Outlook
Lawrence’s Comment
Break below Y-1 and that Y-1 turned into resistance, the bearish case unfolded. We got our target of Y-2 by mid week. The tricky part is that 1280 did not act as support to stage a higher low to rally back up to B+1. Instead, ES gapped down thru the zone to force ES to drop down below Y-2 to close the week.
Outlook
Y-3 downto B-2 in play. a flush low or gap to that area will force for the showdown between the bulls and the bears.
A bounce from B-1 down to B-2 can be very powerful and points to B+1 as the target.
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