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
Unfolded completely as expected. Failed at Y+1 as resistance, sold off back down to 1100 area. Closed the week below Y-1.
Outlook
A retest of B-1 is expected but difficult ...
Lawrence's Comment
Recap
Previous week close / Y+1 resistance sent NQ back down to Y-0. Y-0 support got NQ back up to fill the gap above. 4300 round number resistance sent NQ ...
Lawrence's Comment
Recap
Sold off in the beginning of the week, yet the gap from last year acted as strong support. Sellers forced to give up. Rising wedge all week since. Closed ...
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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