S&P 500 Apr 02 to Apr 06 Outlook
By News Robot
Lawrence’s Comment
Recap
Tagged Y+1 target early in the week from a gap and failed to hold above Y+1. That gave us a shot to drop ES down to Y-0 quickly. Selloff ended after a 100% absolute range expansion is completed and bounced back above week mid to close.
Tagged Y+1 target early in the week from a gap and failed to hold above Y+1. That gave us a shot to drop ES down to Y-0 quickly. Selloff ended after a 100% absolute range expansion is completed and bounced back above week mid to close.
Outlook
As long as Y+1 acts as resistance, the FBO is intact pointing to eventual selloff to Y-1.
Breaking below Y-1 would be quite bearish as this will be the 2nd crack on the weekly uptrend.
Overall, entering seasonal weaknesses during these 2 weeks thus ES can go sideway or drift down slowly if no other catalyst is affecting the market.
Comments
“Selloff ended after a 100% absolute range expansion is completed and bounced back above week mid to close.”
What range are you referencing to get to 100% absolute range? Monday’s (3/26) range? If so, isn’t that a relative range for the week, using Monday as the OR?
absolute expansion based on previous week range.
I must be totally misunderstanding the concept of absolute expansion.. Back to study mode. 🙂