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S&P 500 Apr 18 to Apr 22 Outlook
Lawrence’s Comment
Just like NQ, ES tested Y-0 at the start of the week and then immediately selloff to Y-2. Y-1 acted as resistance giving the selloff more firepower to the downside. The STOPD level target Y-3 was tagged on a gap down and ES took off from there. Closed the week above midpoint.
Outlook
The extra push higher that ES got in the end of the week is purely short squeeze and option expiration mess. There is no signs of accumulation nor visible buying volume.
A consolidation between Y-1 and Y-3 is needed in this case for the bulls and bears to sort out this mess. May take 1 to 2 weeks before a clear direction is formed.
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