Recap Can’t be more easy than this last week out of the markets I traded – test of previous week high (Y+1) and failed pointing to a test of Y-0. Spike low above Y-0 pointed to a retest of Y+1. Breaking above Y+1 points to tagging Y+2 and we got that too on Friday with normal selloff reaction to the price level.
Outlook Congestion between B-0 to B+1 is expected. Pullback to B-1 does not change the uptrend outlook for coming weeks. The key price level to watch for is the original 200% upside target of 1350 from the week that created the spike bottom.
S&P 500 Apr 04 to Apr 08 Outlook
Lawrence’s Comment
Can’t be more easy than this last week out of the markets I traded – test of previous week high (Y+1) and failed pointing to a test of Y-0. Spike low above Y-0 pointed to a retest of Y+1. Breaking above Y+1 points to tagging Y+2 and we got that too on Friday with normal selloff reaction to the price level.
Outlook
Congestion between B-0 to B+1 is expected. Pullback to B-1 does not change the uptrend outlook for coming weeks. The key price level to watch for is the original 200% upside target of 1350 from the week that created the spike bottom.
Share