Recap First thing first, ES slided down to my target Y-2. Support was found and ES started to drift higher. At 100% range expansion, ES could no longer sustain itself and collapsed back down and printed Y-3 downside target. Closed the week below Y-3 and near week low.
Outlook ES got its measured move target last week. This does not imply it can start to bounce now. The bearish closing points to more downside is expected. Only until ES can form a bottom on daily and clear B-0 decisively that the daily downtrend is challenged.
Bearish bias with expectation of increase in volatility later in the week.
Lawrence's Comment
Recap
Previous week close acted as support gave us a clean run up to Y+1 and then 100% absolute range expansion. Closed the week near Y+1 and above midpoint.
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Lawrence's Comment
Recap
Moved lower in the beginning of the week as expected. Reversal from there to challenge Y-0 and gave us the Y+1 run. Closed at week high and right below ...
S&P 500 Apr 14 to Apr 18 Outlook
Lawrence’s Comment
First thing first, ES slided down to my target Y-2. Support was found and ES started to drift higher. At 100% range expansion, ES could no longer sustain itself and collapsed back down and printed Y-3 downside target. Closed the week below Y-3 and near week low.
Outlook
ES got its measured move target last week. This does not imply it can start to bounce now. The bearish closing points to more downside is expected. Only until ES can form a bottom on daily and clear B-0 decisively that the daily downtrend is challenged.
Bearish bias with expectation of increase in volatility later in the week.
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