Recap ES started the week strong pushing higher but failed to stay above Y-0 and collapsed back down to Y-1 and below. That opened the door to Y-2. From there Y-1 acted as resistance and sent ES striaght down to almost Y-5 after NFP came out. Closed the week below Y-4 and near week low.
Outlook A weekly close below Y-4 is a rare event. ES strong support underneath around 2050 area. If ES flushes down there and find support, ES can easily bounce back up to Y-3 quickly. Wild consolidation week is expected.
Lawrence's Comment
Recap
Y-1 support gave us test of Y-0 and above resistance. Failed to hold above Y-0 gave us retest of Y-1 and a break down to Y-2. Closed the week ...
S&P 500 Mar 09 to Mar 13 Outlook
Lawrence’s Comment
ES started the week strong pushing higher but failed to stay above Y-0 and collapsed back down to Y-1 and below. That opened the door to Y-2. From there Y-1 acted as resistance and sent ES striaght down to almost Y-5 after NFP came out. Closed the week below Y-4 and near week low.
Outlook
A weekly close below Y-4 is a rare event. ES strong support underneath around 2050 area. If ES flushes down there and find support, ES can easily bounce back up to Y-3 quickly. Wild consolidation week is expected.
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