Recap News shock at the beginning of the week sent ES above Y-0. FBO against Y-0 turned Y-0 into resisstance and a drop back down to Y-1. Test of Y-0 from below and failed to clear that gave us more selling until 100% absolute range expansion was reached. Closed the week below Y-0 and near midpoint.
Outlook Y-1/ B-0 support can kick start a squeeze higher towards B+1. Topping out below B+1 will set the stage for another leg lower below B-1.
Lawrence's Comment
Recap
As expected the rising wedge did not last. It was broken to the down side and the selloff almost tagged my downside target. Euro bounced before the target was ...
S&P 500 May 23 to May 27 Outlook
Lawrence’s Comment
News shock at the beginning of the week sent ES above Y-0. FBO against Y-0 turned Y-0 into resisstance and a drop back down to Y-1. Test of Y-0 from below and failed to clear that gave us more selling until 100% absolute range expansion was reached. Closed the week below Y-0 and near midpoint.
Outlook
Y-1/ B-0 support can kick start a squeeze higher towards B+1. Topping out below B+1 will set the stage for another leg lower below B-1.
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