Recap Consolidation week with Y+1 and Y-1 being challenged multiple times. FOMC announcement did not produce enough fuel for ES to breakout of its range. Closed the week near Y+1 and week high.
Outlook Ledge after a strong run up is bullish. A push higher to B+2 is likely. If we get a FBO against B+1, it will give us B-1 and B-2.
The breadth chart produced a clear “double bounce off” by both Tick16 short-term and long-term from the neutral zone. The potential last leg of the daily bull run has started. ...
S&P 500 Aug 01 to Aug 05 Outlook
Lawrence’s Comment
Consolidation week with Y+1 and Y-1 being challenged multiple times. FOMC announcement did not produce enough fuel for ES to breakout of its range. Closed the week near Y+1 and week high.
Outlook
Ledge after a strong run up is bullish. A push higher to B+2 is likely. If we get a FBO against B+1, it will give us B-1 and B-2.
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