Trading Edges That Last
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S&P 500 Oct 24 to Oct 28 Outlook
Lawrence’s Comment
The selloff in the beginning of the week failed to produce a lower low to break the up trend. Rallied to new high by midweek due to rumors from the euro zone. Sold off almost to the low of the week, but again failed to produce a lower low. Friday gap up and closed the week at its high and above Y+1.
All in all, an option expiration week that failed to take the price level back down to midpoint area around 1150. Hence the all out melt up to close the week.
Outlook
Clear 3 pushes up in place on 30-minute and higher timeframes. If ES started to break below 1130 with that turning into resistance, the projected downside target is 1170 area.
The alternative is that ES is doing one of its parabolic rally that happened before like the one back in the 2009 bottom. If that is the case then ES will clear 1250 quickly and go straight up to 1300 area.
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