Recap Y-1 breached at the start of the week and never get the chance to turn into resistance. Just like Dow, that provided enough fuel to boost ES up and took out Y+1 by a gap towards Y+2. Closed the week at the high.
Outlook Y+2 was not tagged yet and can be the first thing ES will do on Monday.
Failure to hold above B+1 means Y+1 will be in play and it will be difficult for ES to stay above Y+1 under the situation as filling the gap there means B-0 will likely be tagged as well.
Lawrence's Comment
Recap
Twists and turns in the events leading to Brexit vote caused cable to run the stops above. Due to limited liquidity cable cannot stop its stop run until long ...
S&P 500 Feb 06 to Feb 10 Outlook
Lawrence’s Comment
Y-1 breached at the start of the week and never get the chance to turn into resistance. Just like Dow, that provided enough fuel to boost ES up and took out Y+1 by a gap towards Y+2. Closed the week at the high.
Outlook
Y+2 was not tagged yet and can be the first thing ES will do on Monday.
Failure to hold above B+1 means Y+1 will be in play and it will be difficult for ES to stay above Y+1 under the situation as filling the gap there means B-0 will likely be tagged as well.
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