Recap Sold off to B-2 as expected early in the week. Rallied all the way back to challenge Y-0 and failed. Closed the week at midpoint and above Y-1.
Outlook ES recovered from the selloff and is in a stronger formation in comparison to NQ. ES is in fact back into the inside week range prior to the selloff. It has a choice now to either rally all its way back up to the top of that inside week range (Y+1) or continue its downside move to Y-3 and B-2 area. For the likely direction in the beginning of the week, I will take clue from NQ.
Lawrence's Comment
Recap
Aussie tried to push higher can failed due to the obvious weaknesses mentioned last week. Ended up another consolidation week with tight range. Closed the week above Y-0 and ...
S&P 500 May 23 to May 27 Outlook
Lawrence’s Comment
Sold off to B-2 as expected early in the week. Rallied all the way back to challenge Y-0 and failed. Closed the week at midpoint and above Y-1.
Outlook
ES recovered from the selloff and is in a stronger formation in comparison to NQ. ES is in fact back into the inside week range prior to the selloff. It has a choice now to either rally all its way back up to the top of that inside week range (Y+1) or continue its downside move to Y-3 and B-2 area.
For the likely direction in the beginning of the week, I will take clue from NQ.
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