Trading Edges That Last
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S&P 500 May 26 to May 30 Outlook
Lawrence’s Comment
Got the retest I was looking for and dropped to support trend line like playing from a script. ES took off since and went straight up for Y+1. Closed the week above Y-0 and near week high.
Outlook
Taking too much time to rally into a resistance is bearish. Challenging a resistance from below with no volume is bullish.
Very tricky price level to trade. An FBO against Y+1 / B+1 points to at least a retest of B-0. Not necessary a major top either as ES has been in congestion below 1900 for quite some time.
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