Recap Similar to NQ with stronger price action, ES did not breach previous week low (Y-1) and take off right from there. Spent 2 days defending previous week high and failed. Leading to a selloff to test the top of the open gap. Gap fill rejected and closed the week at the high.
Outlook Unlike NQ, ES has been printing higher high and higher low on a weekly basis, although the range of past 4 weeks are overlapped, it is not as bearish as NQ at all. For the upside, 1320 is a reasonable upside objective without inducing short squeeze or any significantly short side panic. on the other hand, if 1290 is brokened, 1280 will not likely be able to hold up this market any longer. The 50% downside expansion target at B-2 is the 1st target once 1280 is breached.
Lawrence's Comment
Recap
Further weaknesses as expected. Consolidated right below Y-1. Closed the week below Y-1 and midpoint.
Outlook
Last week was holiday week, thus the bear flag formation is less reliable. ...
Lawrence's Comment
Recap
No time wasted on further compression. The pair simply break the lower boundary in 1 go. Not quite make it to Y-3. First bounce failed to push back up ...
The daily chart updates showcase the power of real-time custom breadth data. The custom breadth data showing in the chart have specific characteristics that can help a trader read the ...
Lawrence's Comment
Recap
Tight range consolidation although it did not feel like it for many. Dow found support early in the week and moved back to previous week close and stuck there ...
S&P 500 Feb 07 to Feb 11 Outlook
Lawrence’s Comment
Similar to NQ with stronger price action, ES did not breach previous week low (Y-1) and take off right from there. Spent 2 days defending previous week high and failed. Leading to a selloff to test the top of the open gap. Gap fill rejected and closed the week at the high.
Outlook
Unlike NQ, ES has been printing higher high and higher low on a weekly basis, although the range of past 4 weeks are overlapped, it is not as bearish as NQ at all.
For the upside, 1320 is a reasonable upside objective without inducing short squeeze or any significantly short side panic. on the other hand, if 1290 is brokened, 1280 will not likely be able to hold up this market any longer. The 50% downside expansion target at B-2 is the 1st target once 1280 is breached.
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