Recap ES failed to clear Friday high and was forced back down to fill the open gap below. Gap filled and ES immediately push back up. Y-0 support gave ES fuel to charge higher and tagged Y+1. Closed the week above Y+1 and near week high.
Outlook Complex legs leading to just touch of year high is bearish. Can lead to significant selloff.
Lawrence's Comment
Recap
Y-0 did not act as resistance giving way to a test of Y+1. 100% absolute range expansion completed right before FOMC announcement. Strong reaction after and sent ES back ...
S&P 500 May 18 to May 22 Outlook
Lawrence’s Comment
ES failed to clear Friday high and was forced back down to fill the open gap below. Gap filled and ES immediately push back up. Y-0 support gave ES fuel to charge higher and tagged Y+1. Closed the week above Y+1 and near week high.
Outlook
Complex legs leading to just touch of year high is bearish. Can lead to significant selloff.
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