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Lawrence's Comment Recap Consolidation around Y+1 / previous week close area. Bounded within 50% previous week range. Closed the week at Y+1 and above midpoint. Outlook Fought very hard to hold the Y+1 level ...READ MOREFor more information about this report please refer to the Market Bias Informant pageREAD MOREFor more information about this report please refer to the Market Bias Informant pageREAD MORE
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S&P 500 Aug 29 to Sep 02 Outlook
Lawrence’s Comment
See comments on Dow on how a tricky bottom was formed. That produced a short term 3 pushes low pointing to gap fill above that is mostly completed by close on Friday.
Outlook
Bottoms are not formed this way. The short term bounce we see at best can produce a huge bear flag that stops at around 1230-1240 area. If all we get is an upside triangle, then ES will not even go above 1200 to 1210 zone.
If ES drifts higher to 1200 area only by end of next week, the upcoming selloff can take ES down to 1080 and below easily.
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