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
Pullback consolidation play worked out. Y-0 target tagged. 50% range. Closed the week near Y-0 and below midpoint.
Outlook
A retest of Y+1 is possible but only if cable ...
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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