Trading Edges That Last
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S&P 500 Nov 28 to Dec 02 Outlook
Lawrence’s Comment
The resistance zone was not even tested and ES simply gapped down and slide to Y-2 before its first paused. Failing again to fill the gap above to tag Y-1, another gap down breaking Y-2 put the target Y-3 in play. By end of the week, Y-3 tagged.
Outlook
The weakest Thanksgiving week I have seen. I have seen many Thanksgiving week price action and this one is so weak that I think the word puking was the best word in describing what happened.
Next support zone is B-2 down to B-3. B-3 is of special interest because there is an open gap not filled down there near 1100.
Just like last week, am looking for a tradable bottom but will not commit myself to swing long until after daily formation confirms a swing bottom is in place.
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