Trading Edges That Last
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S&P 500 Sep 29 to Oct 03 Outlook
Lawrence’s Comment
As expected, the FBO mentioned last week gave us a drop back down to Y-0 and then Y-1. That turned Y-0 into strong resistance. Retest of Y-0 failed. ES simply collapsed straight down until 100% absolute range was reached. Closed the week below Y-0 and midpoint.
Outlook
Both upside and downside targets are “unsafe”. The way the last 2 swing bottoms on 30-minutes show that there is lack of tractions to hold the support zones. That means ES can easily violate B-1 and drop to B-2 and below.
Yet, the 2 open gaps above are asking to be filled. Should ES find an excuse to go above B-0, it will zone higher quickly to get them. This makes the environment best engaged thru day trading, not swing trading.
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