Recap A dramatic week. Failed to push above Y-0 and flushed through Y-1 quickly. Y-2 acted as support temporarily and then flushed down to new low above Y-3. Multiple news shock induced massive short squeeze. Closed the week above Y-1 and previous week close.
Outlook Upside 1360 gap fill still in play. A push towards B+2 is possible if B-0 can act as support.
So far this rally is again pure short squeeze. It is very similar to the rally from late June. The moment new bad news unfolds from Europe again, everything will turn south quickly.
Overview
Emini overnight range 1802.50 up to 1848.50 (at 7:45 am)
Overnight Midpoint 1825.50
Privous Year Low 1831.00
Emini S&P is now trading at the bottom part of its range with ...
Overview Emini overnight range 1802.50 up to 1848.50 (at 7:45 am) Overnight Midpoint 1825.50 Privous Year Low 1831.00 Emini S&P is now trading at the bottom part of its range with ...READ MORE
S&P 500 Jul 16 to Jul 20 Outlook
Lawrence’s Comment
A dramatic week. Failed to push above Y-0 and flushed through Y-1 quickly. Y-2 acted as support temporarily and then flushed down to new low above Y-3. Multiple news shock induced massive short squeeze. Closed the week above Y-1 and previous week close.
Outlook
Upside 1360 gap fill still in play. A push towards B+2 is possible if B-0 can act as support.
So far this rally is again pure short squeeze. It is very similar to the rally from late June. The moment new bad news unfolds from Europe again, everything will turn south quickly.
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