Recap Just like NQ, ES tested Y-0 at the start of the week and then immediately selloff to Y-2. Y-1 acted as resistance giving the selloff more firepower to the downside. The STOPD level target Y-3 was tagged on a gap down and ES took off from there. Closed the week above midpoint.
Outlook The extra push higher that ES got in the end of the week is purely short squeeze and option expiration mess. There is no signs of accumulation nor visible buying volume. A consolidation between Y-1 and Y-3 is needed in this case for the bulls and bears to sort out this mess. May take 1 to 2 weeks before a clear direction is formed.
Lawrence's Comment
Recap
Bullish bias worked out. Cable held Y-0 and pushed higher later in the week. Closed the week above Y+1 and near week high.
Outlook
Situation in Greece can affect ...
Lawrence's Comment
Recap
Bearish expectation worked out well. Y-3 downside target tagged easily. Open gap filled below. Rumors spreaded right after to force the market higher. Open gap above got taken care ...
Overview
Emini overnight range 2128.50 up to 2141.75 (at 9:00 am)
Overnight Midpoint 2135.00
Previous Day Close 2130.00
Emini S&P is now trading at the top part of its range with ...
S&P 500 Apr 18 to Apr 22 Outlook
Lawrence’s Comment
Just like NQ, ES tested Y-0 at the start of the week and then immediately selloff to Y-2. Y-1 acted as resistance giving the selloff more firepower to the downside. The STOPD level target Y-3 was tagged on a gap down and ES took off from there. Closed the week above midpoint.
Outlook
The extra push higher that ES got in the end of the week is purely short squeeze and option expiration mess. There is no signs of accumulation nor visible buying volume.
A consolidation between Y-1 and Y-3 is needed in this case for the bulls and bears to sort out this mess. May take 1 to 2 weeks before a clear direction is formed.
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