Recap A mysterious week indeed. Despite all factors going against the market, Dow and ES matched straight up clearing their resistances and landed ES at 1500 area. Closed the week near week high and above Y+2.
Outlook Obvious upside triangle favours a breakout to the upside with target above B+2.
B+1 acting as resistance sending ES below B-0 will trigger double top with target B-1.
The odds is pretty balance between the 2 so it will be difficult to lean on one side for swing trade.
S&P 500 Jan 28 to Feb 01 Outlook
Lawrence’s Comment
A mysterious week indeed. Despite all factors going against the market, Dow and ES matched straight up clearing their resistances and landed ES at 1500 area. Closed the week near week high and above Y+2.
Outlook
Obvious upside triangle favours a breakout to the upside with target above B+2.
B+1 acting as resistance sending ES below B-0 will trigger double top with target B-1.
The odds is pretty balance between the 2 so it will be difficult to lean on one side for swing trade.
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