Recap Flushed down to Y-2 and found support. Gapped higher to test Y-1 and stalled. Swinged around Y-1 while waiting for NFP. NFP Friday open held the open gap below and forced a run back up to Y-0 and above. Closed the week above Y-0 and near week high.
Outlook Reversal setup in place on intraday timeframes. Daily down trend broken. Until a new trend is formed it will be difficult to trade in coming weeks. Strong resistance at 1960s with support down at Y-1 / B-0. External factors will play an important role here in deciding the next swing level direction.
Lawrence's Comment
Recap
Easy play of the week. Y-0 cleared, back to target swing high. Pull back to midpoint since. Closed the week above Y-0 and midpoint.
Outlook
No strong directional bias ...
S&P 500 Oct 05 to Oct 09 Outlook
Lawrence’s Comment
Flushed down to Y-2 and found support. Gapped higher to test Y-1 and stalled. Swinged around Y-1 while waiting for NFP. NFP Friday open held the open gap below and forced a run back up to Y-0 and above. Closed the week above Y-0 and near week high.
Outlook
Reversal setup in place on intraday timeframes. Daily down trend broken. Until a new trend is formed it will be difficult to trade in coming weeks. Strong resistance at 1960s with support down at Y-1 / B-0. External factors will play an important role here in deciding the next swing level direction.
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