Recap Strong reaction after closing year 2013 at the high. Sold off quickly after New Year until 100% absolute range expansion was reached. Stuck in that zone since. Closed the week below Y-0 and midpoint.
Outlook Potential spike and ledge pattern suggests that a break of B-1 will give us the B-3 target.
Although holding above B-1 points to at least a retest of B+1, I would not turn bullish until after B-0 is cleared.
Lawrence's Comment
Recap
Last week mentioned in S&P 500 commentary that both Y+1 and Y-1 may be tagged, and in Nasdaq 100 I called that double whiplash. We got exactly ...
S&P 500 Jan 06 to Jan 10 Outlook
Lawrence’s Comment
Strong reaction after closing year 2013 at the high. Sold off quickly after New Year until 100% absolute range expansion was reached. Stuck in that zone since. Closed the week below Y-0 and midpoint.
Outlook
Potential spike and ledge pattern suggests that a break of B-1 will give us the B-3 target.
Although holding above B-1 points to at least a retest of B+1, I would not turn bullish until after B-0 is cleared.
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