Recap Breached Y+1 early in the week and then consolidated above previous week close. NFP report lifted ES up to Y+2. Closed the week above midpoint and near week high.
Outlook Strong breakout above year high. A retest of the former year high is in order. The question is whether the retest is done with a slow pullback or a quick flush back down below B-0. If B-1 is breached this week, we have a FBO on weekly that points to the end of this rally.
S&P 500 May 06 to May 10 Outlook
Lawrence’s Comment
Breached Y+1 early in the week and then consolidated above previous week close. NFP report lifted ES up to Y+2. Closed the week above midpoint and near week high.
Outlook
Strong breakout above year high. A retest of the former year high is in order. The question is whether the retest is done with a slow pullback or a quick flush back down below B-0. If B-1 is breached this week, we have a FBO on weekly that points to the end of this rally.
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