Trading Edges That Last
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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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