S&P 500 Oct 07 to Oct 11 Outlook

By News Robot

Lawrence’s Comment

Recap
As expected ES dropped down to the Y-2 and Y-3 area and fighted hard to hold up. Y-0 acting as resistance forced a retest of week low made on Monday. ES found support at Y-2 and bounced back up. Closed the week above Y-1 and midpoint.

Outlook
ES has been dragged on by 2 opposite forces hence the extreme swings from day to day. Since NQ still has not make up its mind if it is going higher or not, this fight will continue into this week.

Y-0 / B+1 very strong resistance zone. A test of the resistance or a FBO from there will send ES back down to week low quickly. Things can get very complicated by end of the week as the debt ceiling issue will become the focus once again.

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