Recap Sold off early in the week with Dow leading to the downside. This time ES was influenced by Dow more than NQ. Back down to support ES bounced off and retested the resistance mentioned last week and failed to clear the resistance. Closed the week below midpoint and Y-0.
Outlook ES is in breakout mode. Clearing B-0 will give us B+1 easily which depends heavily on NQ how strong it can stage a rally.
Normal price action points to holding below B-0 for a break of B-1 to tag B-2.
Lawrence's Comment
Recap
Held up pretty well for 2 days. Then euro collapsed and dragged everything lower. Yet, Dow managed to drift higher and closed the week at midpoint.
Outlook
End of ...
S&P 500 Aug 12 to Aug 16 Outlook
Lawrence’s Comment
Sold off early in the week with Dow leading to the downside. This time ES was influenced by Dow more than NQ. Back down to support ES bounced off and retested the resistance mentioned last week and failed to clear the resistance. Closed the week below midpoint and Y-0.
Outlook
ES is in breakout mode. Clearing B-0 will give us B+1 easily which depends heavily on NQ how strong it can stage a rally.
Normal price action points to holding below B-0 for a break of B-1 to tag B-2.
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