S&P 500 Feb 15 to Feb 19 Outlook

By News Robot

Lawrence’s Comment

Recap
Breakdown play target reached in the beginning of the week. Bounced off there to test Y-1 from below as expected. Failing to re-enter previous week range gave us a go for new low. 100% absolute range expansion stopped the drop. Closed the week below Y-1 and above midpoint.

Outlook
ES head and shoulder top in place with Y-1 / B+1 strong resistance. Very wild swings expected which can lead to breaking both B+1 and B-1 this coming 1 to 2 weeks. Head and shoulder target down at Y-3 was not tagged and it will be a magnet for ES to go down to once B-0 is breached.

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