Recap Gapped down to Y-1 yet found an excuse to move back up to Y-0. Failed to clear Y-0 and fell straight down to Y-3. The reversal was as impressive as the drop – straight back up to Y-1. Closed the week near Y-1 and above midpoint.
Outlook Range expansion with close near Y-1 is not bullish. So it is not a sign of bullish reversal. It will take ES to hold Y-2 and then clearing the week close to break the down trend.
Lawrence's Comment
Recap
As expected intervention triggered. But at least half of that disappeated by Friday close.
Outlook
This week due to the S&P downgrade, potential Fed and G8 inventions will throw all ...
Overview
Emini overnight range 2164.50 to 2171.75 (at 9:00 am)
Overnight Midpoint 21768.00
Previous Month High 2171.75
Battleplan for the Day
(premium member only content below)
S&P 500 Oct 06 to Oct 10 Outlook
Lawrence’s Comment
Gapped down to Y-1 yet found an excuse to move back up to Y-0. Failed to clear Y-0 and fell straight down to Y-3. The reversal was as impressive as the drop – straight back up to Y-1. Closed the week near Y-1 and above midpoint.
Outlook
Range expansion with close near Y-1 is not bullish. So it is not a sign of bullish reversal. It will take ES to hold Y-2 and then clearing the week close to break the down trend.
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