Recap Similar to Dow, ES simply dropped as expected. After clearing Y-3, ES found support and bounced. ES rallied all the way up until Friday. Closed the week below Y-1 and above midpoint.
Outlook As long as Y-1 / B+1 not breached, ES is likely to go lower into end of October.
S&P 500 Oct 20 to Oct 24 Outlook
Lawrence’s Comment
Similar to Dow, ES simply dropped as expected. After clearing Y-3, ES found support and bounced. ES rallied all the way up until Friday. Closed the week below Y-1 and above midpoint.
Outlook
As long as Y-1 / B+1 not breached, ES is likely to go lower into end of October.
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