Recap Bearish expectation worked out well. Y-3 downside target tagged easily. Open gap filled below. Rumors spreaded right after to force the market higher. Open gap above got taken care of too. ES stalled from the resistance since. Closed the week below Y-2 and midpoint.
Outlook A longer term down trend is in the making. As long as ES cannot clear B-0 it can be the start of something more bearish. NFP week can lead to extreme moves by Thursday and Friday.
The 3-Day Advance Issues and Tick16 both issued long term sell signals last week.
Last year, it took a month of gyration of drifting up til February before I got ...
S&P 500 Jun 01 to Jun 05 Outlook
Lawrence’s Comment
Bearish expectation worked out well. Y-3 downside target tagged easily. Open gap filled below. Rumors spreaded right after to force the market higher. Open gap above got taken care of too. ES stalled from the resistance since. Closed the week below Y-2 and midpoint.
Outlook
A longer term down trend is in the making. As long as ES cannot clear B-0 it can be the start of something more bearish. NFP week can lead to extreme moves by Thursday and Friday.
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