Recap Short squeeze on rumors back up to Y-0. Collapsed right after back down to Y-1. Equal distance target below tagged by end of the week off previous week close. Closed the week near Y-0 and below midpoint.
Outlook Down channel resistance at open gap above. If ES cannot clear B-0 on daily closing basis by the end of the week a stronger sell off will be likely with B-2 and B-3 in play.
Lawrence's Comment
Recap
As explained last week, gold will play an important role. As gold rallied last week, this pair went thru wild take down until Y-2 was tagged. Closed the week ...
S&P 500 May 09 to May 13 Outlook
Lawrence’s Comment
Short squeeze on rumors back up to Y-0. Collapsed right after back down to Y-1. Equal distance target below tagged by end of the week off previous week close. Closed the week near Y-0 and below midpoint.
Outlook
Down channel resistance at open gap above. If ES cannot clear B-0 on daily closing basis by the end of the week a stronger sell off will be likely with B-2 and B-3 in play.
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