Recap Similar to Dow and NQ, ES is trapped between Y+1 and Y-0. Gaps all over the place. Closed the week near Y-0 and below midpoint.
Outlook Inside week with close near Y-0 gives us breakout mode. Hence on intraday basis, it will be easy to play once one boundary is rejected because we know ES will head for the other end. However, once a boundary is breached, Y+1 / B+1 or Y-0 / B-1, the price actions could become extremely volatile.
Lawrence's Comment
Recap
New high was made as expected. But we also know a short term top is in, see here, so the selloff is not a surprise.
The real surprise is ...
S&P 500 Sep 07 to Sep 11 Outlook
Lawrence’s Comment
Similar to Dow and NQ, ES is trapped between Y+1 and Y-0. Gaps all over the place. Closed the week near Y-0 and below midpoint.
Outlook
Inside week with close near Y-0 gives us breakout mode. Hence on intraday basis, it will be easy to play once one boundary is rejected because we know ES will head for the other end. However, once a boundary is breached, Y+1 / B+1 or Y-0 / B-1, the price actions could become extremely volatile.
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