Trading Edges That Last
- You May Also LikeESNQAH High1919.004264.00AH Mid1915.384256.50AH Low1911.754249.00READ MOREFor more information about this report please refer to the Market Bias Informant pageREAD MOREESNQAH High1973.753978.75AH Mid1968.503965.50AH Low1963.253952.25READ MOREFor more information about this report please refer to the Market Bias Informant pageREAD MOREFor more information about this report please refer to the Market Bias Informant pageREAD MOREReal-time Commentaries 2011-1-17US Market Pre-Open 2016-1-15Intraday Cycle Projection (ES) 2021-07-06Precog Vision – US Indices 2019-6-19US Market Pre-Open 2014-7-30Precog Vision – US Indices 2015-3-19Real-time Commentaries 2015-12-93DP Odds Table (SPY) 2022-06-24Intraday Cycle Projection (ES) 2018-08-07Precog Vision – US Indices 2019-4-24
As Featured In
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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