S&P 500 May 13 to May 17 Outlook

By News Robot

Lawrence’s Comment

Recap
Similar to Dow, ES ripped thru resistance zone and went straight up for days. Classic blowoff top type action. Almost tagged Y+2 and stalled. Closed the week near week high and above Y+1.

Outlook
Limited upside to below B+2 with possible whiplash action to drop back down to B-2.

It is clear that ES is in a topping process here. Structural boundaries will likely be breached at various timeframes without providing us actual direction of the market. Staying on the sideline is a good choice if this kind of volatility is not your cup of tea.

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