S&P 500 Apr 16 to Apr 20 Outlook
By News Robot
Lawrence’s Comment
Recap
Similar to Dow, ES moving lower as expected. Tagging both 1st target of Y-2 and 2nd target of Y-3 in one go was a present surprise. The bounce to 100% range expansion stopped ES from going higher which immediately translate into seeking for the midpoint. Midpoint tagged and closed the week below that.
Similar to Dow, ES moving lower as expected. Tagging both 1st target of Y-2 and 2nd target of Y-3 in one go was a present surprise. The bounce to 100% range expansion stopped ES from going higher which immediately translate into seeking for the midpoint. Midpoint tagged and closed the week below that.
Outlook
The rally in midweek failed mainly due to news shocks hence many buyers who bought around the midpoint area are trapped. If there is no significant buying on Monday, then it is likely a flush to the 2 gaps below will happen.
The interesting price level for swing trade is whether B-1 zone will still work as support. If so, it will form a strong bottom on daily.
Any early buying in the week (i.e. read gap up on Monday above B+1) points to tagging B+2 quickly.
Comments
Opening day 30 years ago yesterday for the Spooz. Pretty jammed up space-wise. I am told locals are a sentimental lot so they will buy up and send the S&P soaring (don’t know if they have the fire power though).