Recap Y-0 acted as support as expected and ES took off to tag Y+2 upside target. So precise that it feels like it is executed from a script. Once completed pullback to Y+1. Closed the week at Y+1 and midpoint.
Outlook Holding B-0 early in the week points to at least an attempt to close the gap above.
Any lower high (above B-0, below B+1) formed from this push up, however, can induce a fast selloff back down to below B-0 with likely target of B-1.
Lawrence's Comment
Recap
Directional break down from Y-0 resistance. Tagged Y-2 and bounced. Took 2 more tries below Y-2 before a strong bounce could materialize. Closed the week near Y-2 and below ...
Late midday update: Down channel continue to dominate the tape and now threaten to push for a drop to below 2080 as I warned back on Jun 1. Channel ...
S&P 500 Jul 23 to Jul 27 Outlook
Lawrence’s Comment
Y-0 acted as support as expected and ES took off to tag Y+2 upside target. So precise that it feels like it is executed from a script. Once completed pullback to Y+1. Closed the week at Y+1 and midpoint.
Outlook
Holding B-0 early in the week points to at least an attempt to close the gap above.
Any lower high (above B-0, below B+1) formed from this push up, however, can induce a fast selloff back down to below B-0 with likely target of B-1.
Share