Recap Sold off to B-2 as expected early in the week. Rallied all the way back to challenge Y-0 and failed. Closed the week at midpoint and above Y-1.
Outlook ES recovered from the selloff and is in a stronger formation in comparison to NQ. ES is in fact back into the inside week range prior to the selloff. It has a choice now to either rally all its way back up to the top of that inside week range (Y+1) or continue its downside move to Y-3 and B-2 area. For the likely direction in the beginning of the week, I will take clue from NQ.
Overview
Emini overnight range 2084.75 up to 2098.50 (at 9:00 am)
Overnight Midpoint 2091.50
Previous Week High 2081.75
Emini S&P is now trading at the top part of its range with ...
Lawrence's Comment
Recap
Down side expectation worked out beautifully. Down side targets tagged before a bounce was possible. Closed the week below Y-1 and midpoint.
Outlook
Y-1 / B-0 now strong resistance ...
S&P 500 May 23 to May 27 Outlook
Lawrence’s Comment
Sold off to B-2 as expected early in the week. Rallied all the way back to challenge Y-0 and failed. Closed the week at midpoint and above Y-1.
Outlook
ES recovered from the selloff and is in a stronger formation in comparison to NQ. ES is in fact back into the inside week range prior to the selloff. It has a choice now to either rally all its way back up to the top of that inside week range (Y+1) or continue its downside move to Y-3 and B-2 area.
For the likely direction in the beginning of the week, I will take clue from NQ.
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