Recap Y-0 support sent ES up to Y+1 and cleared it easily. This opened the door to Y+2. Y+2 tagged and pullback started. 3 pushes down into Friday and held the previous week close. Closed the week above Y+1 and near midpoint.
Outlook 3 pushes down is a pullback pattern which points to potential test of B+1 in the making. If ES fails to clear B+1, whiplash play with B-1 in the card.
S&P 500 Nov 09 to Nov 13 Outlook
Lawrence’s Comment
Y-0 support sent ES up to Y+1 and cleared it easily. This opened the door to Y+2. Y+2 tagged and pullback started. 3 pushes down into Friday and held the previous week close. Closed the week above Y+1 and near midpoint.
Outlook
3 pushes down is a pullback pattern which points to potential test of B+1 in the making. If ES fails to clear B+1, whiplash play with B-1 in the card.
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