Recap 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.
Lawrence's Comment
Recap
Rallied continued to tag Y+2. Turned into spike high and breached Y+1 giving us more downside. Dropped down to below Y-0 and found support. Closed the week above Y+1 ...
Lawrence's Comment
Recap
Staying away from this pair has been the correct decision for some time now. And it has been the correct decision for the past week as well. The ...
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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