Trading Edges That Last
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S&P 500 Nov 19 to Nov 23 Outlook
Lawrence’s Comment
ES failed to push up beyond 25% prior week range early in the week signalling trouble to form a bottom. The break below Y-1 gave us a go for Y-2 which was tagged later in the week. Closed the week above Y-2 and below midpoint.
Outlook
As stated in NQ commentary, it is not a good week to trade heavily dur to Thanksgiving.
Provided that there is no news shock over the weekend, ES points to a drift back up to Y-1 first for a fight to form a longer term bottom.
Any news shock that is bearish will send ES down to next support zone at 1320 and below.
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