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Lawrence's Comment Recap First half of the week playing out perfectly like a normal 50% range consolidation around Y-1. Then FOMC announcement changed everything. The upside breakout of the tight range gave ...READ MORELawrence's Comment Recap Consolidation around previous week close. Pretty standard reaction to a huge run. Closed the week below Y+1 and midpoint. Outlook A huge void zone was created below where there was not ...READ MORELawrence's Comment Recap Bounced back up to Y-0 and found resistance. Sold off down to Y-2 as expected. Closed the week below Y-1 and midpoint. Outlook Strong support / downside target Y-3 ...READ MOREFor more information about this report please refer to the Market Bias Informant pageREAD MORELawrence's Comment Recap Y-0 resistance sent NQ down to near Y-2 target mentioned last week. Worked out well but then rumors and news shock dominated the rest of the week. Closed the ...READ MOREFor more information about this report please refer to the Market Bias Informant pageREAD MOREDow 30 Jun 23 to Jun 27 OutlookNasdaq 100 Feb 24 to Feb 28 Outlook3DP Odds Table (ES) 2013-02-11Weekly Cycle Projection (ES) 2020-12-14AUDUSD May 23 to May 27 OutlookPrecog Vision – US Indices 2016-8-16Intraday Cycle Projection (SPY) 2018-05-11Intraday Cycle Projection (ES) 2012-11-21Nasdaq 100 Jul 13 to Jul 17 OutlookPrecog Vision – US Indices 2017-1-26
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S&P 500 May 27 to May 31 Outlook
Lawrence’s Comment
As oppose to a pullback consolidation, ES gave us an all out blowoff top resulting in a fast 50+ points selloff. Messy price actions since. Due to holiday Monday coming, volume dropped significantly on Friday. Closed the week below midpoint and near Y-0.
Outlook
A strong case for a long term reversal is in place. But landing a close above Y-0, even though marginally, is not that bearish short term.
Classic pattern suggest a pop at least back up to B-0 which is conveniently the 50% mark of the 50 points selloff. The fight within this B-0 down to B-1 zone will be very fierce as bulls have been in control for so long it will not give up easily.
The big question is whether a more significant pullback is in the making. There are several magnets below that will be tested. It is just a matter of time. Key levels are 1600, 1500 and then 1400. As long as the 1600 level holds, ES can stage a bottom on weekly for at least a retest of year high in a month or two.
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