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
Multiple pushes to the downside failed to push the price lower. After a FBO against week low printed earlier in the week, a rally was resulted. Closed the week ...
Lawrence's Comment
Recap
No real direction after a week of extreme trend buy days countering the overnight weaknesses. Consolidation / backfill actions waiting for the next news shock. Closed the week below ...
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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