Recap ES gap lower to start the week from long term support zone where the major open gaps are. ES found support there and launched a rally straight back up to previous week midpoint to welcome the FOMC announcement. ES struggled since in consolidation around Y-0. Closed the week near Y-0 and above midpoint.
Outlook Indecision after FOMC meeting means there is a fight to be carried out this week. Until we see a clear trend develops on 30-min, this week may ended up being a normal summer tight range week.
Review of Forecast for Nov 9, 2015
Sharp pullback with intraday volatility picking up as forecasted. The projected 5% pullback still in progress. The breadth analog model did an excellent job ...
S&P 500 Aug 03 to Aug 07 Outlook
Lawrence’s Comment
ES gap lower to start the week from long term support zone where the major open gaps are. ES found support there and launched a rally straight back up to previous week midpoint to welcome the FOMC announcement. ES struggled since in consolidation around Y-0. Closed the week near Y-0 and above midpoint.
Outlook
Indecision after FOMC meeting means there is a fight to be carried out this week. Until we see a clear trend develops on 30-min, this week may ended up being a normal summer tight range week.
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