Trading Edges That Last
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S&P 500 May 14 to May 18 Outlook
Lawrence’s Comment
Failure to bounce in the beginning of the week got us the 3X target mentioned last week. After target B-2 tagged, ES turned range bound and on Friday its failure to breakout upside led to close below midpoint.
Outlook
Higher timeframe support affecting the intraday behaviour.
To be able to resume the daily uptrend, ES has to overcome the B+1 target next week.
Should more bad news hit the market by Monday and that B-1 is breached, trapped longs from last week may cause a flush to B-2 before a bottom can be formed.
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