Recap 1320 upside target tagged first thing in the week. Struggling at 1320, eventually fall back down to Y+1. The test confirmed its strength and that put Y+2 in play and all news shock could do was delaying the inevitable to happen on Friday with even more explosive strength as shorts are trapped. Closed at Y+2.
Outlook Option expiration likes to tag round numbers for ES and SPX. And then swinging 10+ pts around these numbers. A quick zoom to B+2 (1340) is not out of the question and selloff to B-2 at 1300 is also in the card. Pay close attention to the round number levels (1300, 1310, 1320, 1330, 1340) to participate in the swings.
Lawrence's Comment
Recap
NQ went sideway with 3 pushes up in the beginning of the week. Before FOMC it started its normal move following 3 pushes up targeting week low and Y-1. ...
Lawrence's Comment
Recap
The march towards 1.28 was realized last week. Very strong reactions there with rumours that central banks intervened. But Y+1 acted as support leading to another rush to 1.28. ...
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S&P 500 Feb 14 to Feb 18 Outlook
Lawrence’s Comment
1320 upside target tagged first thing in the week. Struggling at 1320, eventually fall back down to Y+1. The test confirmed its strength and that put Y+2 in play and all news shock could do was delaying the inevitable to happen on Friday with even more explosive strength as shorts are trapped. Closed at Y+2.
Outlook
Option expiration likes to tag round numbers for ES and SPX. And then swinging 10+ pts around these numbers. A quick zoom to B+2 (1340) is not out of the question and selloff to B-2 at 1300 is also in the card. Pay close attention to the round number levels (1300, 1310, 1320, 1330, 1340) to participate in the swings.
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