Recap Similar to NQ, ES got slammed down from its upside breakout, causing the breakout longs and pullback longs to liquidate their positions in a panic. Ended the week with a close near Y-2.
Outlook As long as Y-1 acts as support, ES will rally back to B-1 as a minimum to force for a fight back up to B-0. Breaking below B-1 and that if it turns into resistance, a quick drop to B-2 is in play.
S&P 500 Jun 06 to Jun 10 Outlook
Lawrence’s Comment
Similar to NQ, ES got slammed down from its upside breakout, causing the breakout longs and pullback longs to liquidate their positions in a panic. Ended the week with a close near Y-2.
Outlook
As long as Y-1 acts as support, ES will rally back to B-1 as a minimum to force for a fight back up to B-0.
Breaking below B-1 and that if it turns into resistance, a quick drop to B-2 is in play.
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