Recap Gap above Y+1 at the start of the week forced another systematic squeeze on shorts. Tight range all week. At the final hours on Friday, rallied to close the week near its high.
Outlook S&P so close to year high is it reasonable to expect not many people would reduce their long positions or start new short positions in front of that. So that staged 2 scenarios to unfold next week. Either a slow drift up to year high, or, an explosive one to take it out.
Both cases do not point to more upside beyond current year high by 1% to 2%.
Lawrence's Comment
Recap
Similar to Dow, ES just refused to go lower and continue its pattern of holding the upper range of previous week and pushed higher. When it fails to do ...
Recap of Last Week Run above yellow zone tagging prior week high. Then w. thrust against prior week high and stalled back to prior week midpoint and failed to ...
S&P 500 Aug 13 to Aug 17 Outlook
Lawrence’s Comment
Gap above Y+1 at the start of the week forced another systematic squeeze on shorts. Tight range all week. At the final hours on Friday, rallied to close the week near its high.
Outlook
S&P so close to year high is it reasonable to expect not many people would reduce their long positions or start new short positions in front of that. So that staged 2 scenarios to unfold next week. Either a slow drift up to year high, or, an explosive one to take it out.
Both cases do not point to more upside beyond current year high by 1% to 2%.
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