Trading Edges That Last
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Lawrence's Comment Recap Y-0 failed to act as support and turned into resistance. Channel break down led to test of the start of the channel which is Y-2. Found support at Y-2 ...READ MORELawrence's Comment Recap Test of Y+1 led to clean drop to below Y-0 triggering Y-1 target. Y-0 acted as resistance since giving us Y-1 quickly and Y-2 eventually. Closed the week below ...READ MORE
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S&P 500 Jul 28 to Aug 01 Outlook
Lawrence’s Comment
Gap down with Dow but testing the Y-0 zone only. Rallied since upto 100% absolute range expansion. As mentioned last week, we need a decisive break above Y+1 for continuation to the upside. We did not get one so pullback to B-0 at the end of the week. Closed the week above Y-0 and near midpoint.
Outlook
4th week with about the same weekly range. It is a signature of well structured environment. But such environment do not last. Expect a more volatile period starting now.
As long as Y+1 acting as resistance, B-2 is in play.
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