Recap Y-0 resistance sent ES lower. Attempt to hold above Y-1 failed and resulting in a gap down that sparked a flush to Y-2 downside target. Strong reversal from there led to retest of Y-0. Closed the week near Y-0 and week high.
Outlook More upside likely with strong support at B-0 / Y-1. B+2 in play as long as support zone holds.
S&P 500 Jan 25 to Jan 29 Outlook
Lawrence’s Comment
Y-0 resistance sent ES lower. Attempt to hold above Y-1 failed and resulting in a gap down that sparked a flush to Y-2 downside target. Strong reversal from there led to retest of Y-0. Closed the week near Y-0 and week high.
Outlook
More upside likely with strong support at B-0 / Y-1. B+2 in play as long as support zone holds.
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