Recap ES behaves more like NQ like week than Dow. Early in the week ES found support at 2000 round number zone and cleared Y-0 on 2nd try. Y-0 support sent ES to Y+1. ES failed to hold Y-1 and dropped back down. Closed the week above Y-0 and midpoint.
Outlook Potential FBO against Y+1 with B-0 down to Y-0 in play. The up move was too choppy to carry ES much higher. It is more likely we will get a deep pullback first before ES can decide what to happen next.
S&P 500 Jan 26 to Jan 30 Outlook
Lawrence’s Comment
ES behaves more like NQ like week than Dow. Early in the week ES found support at 2000 round number zone and cleared Y-0 on 2nd try. Y-0 support sent ES to Y+1. ES failed to hold Y-1 and dropped back down. Closed the week above Y-0 and midpoint.
Outlook
Potential FBO against Y+1 with B-0 down to Y-0 in play. The up move was too choppy to carry ES much higher. It is more likely we will get a deep pullback first before ES can decide what to happen next.
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