Trading Edges That Last
- You May Also LikeESNQAH High1491.502758.00AH Mid1488.252752.88AH Low1485.002747.75READ MOREFor more information about this report please refer to the Market Bias Informant pageREAD MOREWeekly Cycle Projection (ES) 2020-10-05USDCAD Dec 18 to Dec 22 OutlookUS Market Pre-Open 2013-1-23Intraday Cycle Projection (SPY) 2018-02-19Intraday Cycle Projection (SPY) 2016-12-09ES Chart 2019-07-31ES Chart 2021-04-27Real-time Commentaries 2022-4-5Intraday Cycle Projection (SPY) 2023-04-14Precog Vision – US Indices 2022-11-18
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S&P 500 Jul 15 to Jul 19 Outlook
Lawrence’s Comment
No pullback and no gap fill right off the start of the week. Price simply jump through every resistance levles above by gaps. Closed the week above Y+4 and near week high.
Outlook
We have not seen significant distribution yet, thus ES is not ready for big time selloff. At best a 20 points pullback is all bears can hope for right now.
It is possible July will spend the rest of the month (and going into early August) consolidating around B+2 down to B-1. The upside is limited but it will not be easy to daytrade in this environment on the short side.
Once a significant selloff started, there is really no support below for ES to hold once 1600 level is breached. How and when to engage in the short side will be difficult as it is likely to be triggered by some external events.
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