S&P 500 Dec 24 to Dec 28 Outlook

By News Robot

Lawrence’s Comment

Recap
ES acted as bullish as it can be as expected last week. But that strength disappeared when the fiscal cliff talks taking over the media. During Thursday night we have limit down on ES for several minutes. Closed the week near midpoint and above Y-0.

Outlook
Without the limit down print showing in the regular trading session (RTH), ES looks more bullish than it supposed to be. That means the RTH only pattern suggested a run to at least Y+1 area.

With the limit down taken into consideration, as long as B-0 acting as resistance on daily close basis, we will get a drop to B-2. And that can happen very fast.

I am leaning towards a non-event week with updrift towards Y+1. Not that I am bullish but end of year is known for its up drift bias.

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