Recap Pocket below Y-0 was taken care of first thing in the week, giving ES an excuse to go higher to fill the open gap above right after. 2 legs up to finally close the gap but then Deutsche Bank event dropped ES back down to retest the support. That did not stop ES from gaining back all the ground and print week high after. Closed the week above Y-0 and midpoint.
Outlook Inside week points to potential breakout mode with strong support at Y-0 / B-0 for B+2 run first. Sudden reversal from above B+1 breaking below Y-0/B-0 support will likely follow thru with B-1 and B-2 targets.
Lawrence's Comment
Recap
Pressed at B-1 in the beginning of the week killed the rally potential. Y-3 tagged and no support is found. Closed the week near week low.
Outlook
Similar setup ...
S&P 500 Oct 03 to Oct 07 Outlook
Lawrence’s Comment
Pocket below Y-0 was taken care of first thing in the week, giving ES an excuse to go higher to fill the open gap above right after. 2 legs up to finally close the gap but then Deutsche Bank event dropped ES back down to retest the support. That did not stop ES from gaining back all the ground and print week high after. Closed the week above Y-0 and midpoint.
Outlook
Inside week points to potential breakout mode with strong support at Y-0 / B-0 for B+2 run first. Sudden reversal from above B+1 breaking below Y-0/B-0 support will likely follow thru with B-1 and B-2 targets.
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