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
Bounced back to Y-0 early in the week. Y-0 stopped the bounce and gave us a drop down to new low below Y-1. Stopped going lower before touching downside ...
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.
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