Recap FBO on weekly confirmed. Continuation sell off waited until the very last moment to tag Y-2 target. Closed the week below Y-1 and midpoint.
Outlook Y-1 / B-0 strong resistance until proven otherwise. More downside is expected but do not assume the drop will be clean as daily level supports are now lining up in layers below B-1.
Lawrence's Comment
Recap
As explained last week, NQ likely test the nearest support below first. It did and attempted to take on Y+1 after Dow made its FBO against its Y-1. But ...
S&P 500 May 02 to May 06 Outlook
Lawrence’s Comment
FBO on weekly confirmed. Continuation sell off waited until the very last moment to tag Y-2 target. Closed the week below Y-1 and midpoint.
Outlook
Y-1 / B-0 strong resistance until proven otherwise. More downside is expected but do not assume the drop will be clean as daily level supports are now lining up in layers below B-1.
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