S&P 500 Oct 17 to Oct 21 Outlook

By Lawrence

Auto chart generator encountered some problem and failed to produce the ES chart for this week. Refer to the Dow chart as they look very similar for the past week.

Lawrence’s Comment

Recap
Range breakout and tagged the Y+2 target. Strong reaction to Y+2 zone but successfully defended the week midpoint at the time and took off to close at the high of the week.

Outlook
Similar to NQ, a powerful short squeeze rally like the one we got from last week do not usually end in a whimpy way. So be aware of a final push taking ES back up to the 1250 area where ES has not seen that level since early August.

Those looking to go short on this run up have to remember that there will be ample time to do so after the top formation is in place.

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