Trading Edges That Last
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S&P 500 Jun 10 to Jun 14 Outlook
Lawrence’s Comment
Similar to Dow with even weaker price action, ES failed to tag Y-0 and flushed down to clear Y-2. Bounced after 100% absolute range expansion was reached. Gapped above the multiple week resistance line. Short squeeze from there sent ES all the way back up to the week high. Closed the week above Y-1 and near week high.
Outlook
1650 line in the sand on daily chart. If ES fails to clear B+1 or turns back down from 1650 to below B-1 making a FBO, ES will be forced to retest B-0 and the gap below.
As long as ES can hold B-0 as support, the daily correction is over.
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