Recap Very similar to Dow, made a waterfall pattern and collapsed down to Y-1. Closed the week below midpoint BUT almost made it to close above Y-1.
Outlook The attempt to close above Y-1 was made during the late few minutes of trading on Friday. It actually rallied above and cleared Y-1 but then fell back down at the very last minute on settlement adjustment.
Potential bottom in place. Need a clean higher low rally visible on 30-min first.
Lawrence's Comment
Recap
Did not expect BOJ's sudden announcement but the chart told us that it did not want to drop. The footprint of those who knows staring at us with not ...
S&P 500 Aug 01 to Aug 05 Outlook
Lawrence’s Comment
Very similar to Dow, made a waterfall pattern and collapsed down to Y-1. Closed the week below midpoint BUT almost made it to close above Y-1.
Outlook
The attempt to close above Y-1 was made during the late few minutes of trading on Friday. It actually rallied above and cleared Y-1 but then fell back down at the very last minute on settlement adjustment.
Potential bottom in place. Need a clean higher low rally visible on 30-min first.
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