Recap ES FBO against Y-1 forced a run back up to Y-0. Y-0 resistance dropped ES back down to neckline of 1-2-3 buy on 30-min. ES rallied from that support and took out Y+1. 1-2-3 sell from Y+1 dropped ES back down. Closed the week above Y-0 and midpoint.
Outlook Outside week closing back down near mid zone means indecision. The expanded range simply implies there are more players getting involved and trapped in both directions. Y-0 / B-0 strong support for a test of Y+1 / B+1 zone. Breakout above will send ES up to Y+2 / B+2 quickly.
S&P 500 Jun 22 to Jun 26 Outlook
Lawrence’s Comment
ES FBO against Y-1 forced a run back up to Y-0. Y-0 resistance dropped ES back down to neckline of 1-2-3 buy on 30-min. ES rallied from that support and took out Y+1. 1-2-3 sell from Y+1 dropped ES back down. Closed the week above Y-0 and midpoint.
Outlook
Outside week closing back down near mid zone means indecision. The expanded range simply implies there are more players getting involved and trapped in both directions. Y-0 / B-0 strong support for a test of Y+1 / B+1 zone. Breakout above will send ES up to Y+2 / B+2 quickly.
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