Recap Breakout play worked out. Clearing Y-1 gave us a straight melt down to Y-3 target. Then a technical bounce took ES higher back to Y-1. Closed the week below Y-2 and midpoint.
Outlook Daily uptrend is broken. As long as 1450 down to B-0 acts as resistance, more down side is expected.
The overall structure points to sudden huge drops over the more normal selloffs where we see bulls giving up. Next level down is Y-5 / B-2.
Lawrence's Comment
Recap
ES smply gap down and break Y-1 right off the start. This opened the door to Y-2. ES struggled to hold up with a bear flag and eventually gave ...
Lawrence's Comment Recap ES smply gap down and break Y-1 right off the start. This opened the door to Y-2. ES struggled to hold up with a bear flag and eventually gave ...READ MORE
S&P 500 Oct 01 to Oct 05 Outlook
Lawrence’s Comment
Breakout play worked out. Clearing Y-1 gave us a straight melt down to Y-3 target. Then a technical bounce took ES higher back to Y-1. Closed the week below Y-2 and midpoint.
Outlook
Daily uptrend is broken. As long as 1450 down to B-0 acts as resistance, more down side is expected.
The overall structure points to sudden huge drops over the more normal selloffs where we see bulls giving up. Next level down is Y-5 / B-2.
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