Recap Monday FBO Y+1 gave us gap down to Y-0 which opened the door to Y-1. Y-1 tagged with strong reaction to push back up to challenge the open gap made on Tuesday. Failure to clear the open gap led to flush down back to the open gap boundary below. Closed the week near Y-1 and week low.
Outlook Break down play potential towards Y-2 / B-2 area. That holds, a test of B-1 from below likely.
Lawrence's Comment
Recap
ES cleared Y+1 boundary giving us a breakout up to almost Y+2. Reversed below and flushed back down to Y-0. Struggled to find a bottom since. Closed the week ...
S&P 500 Feb 08 to Feb 12 Outlook
Lawrence’s Comment
Monday FBO Y+1 gave us gap down to Y-0 which opened the door to Y-1. Y-1 tagged with strong reaction to push back up to challenge the open gap made on Tuesday. Failure to clear the open gap led to flush down back to the open gap boundary below. Closed the week near Y-1 and week low.
Outlook
Break down play potential towards Y-2 / B-2 area. That holds, a test of B-1 from below likely.
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