Recap Similar to Dow, ES ripped thru resistance zone and went straight up for days. Classic blowoff top type action. Almost tagged Y+2 and stalled. Closed the week near week high and above Y+1.
Outlook Limited upside to below B+2 with possible whiplash action to drop back down to B-2.
It is clear that ES is in a topping process here. Structural boundaries will likely be breached at various timeframes without providing us actual direction of the market. Staying on the sideline is a good choice if this kind of volatility is not your cup of tea.
Lawrence's Comment
Recap
Y-1 failed to support the pair so it slided to Y-2. Bounced back to Y-1 and stalled from there since. Closed the week below Y-1.
Outlook
B-1 retest is ...
Lawrence's Comment
Recap
As expected the flush from the week prior to last did not produce more down side extension. Consolidated around Y-1 and Y-0. Closed the week above midpoint ...
S&P 500 May 13 to May 17 Outlook
Lawrence’s Comment
Similar to Dow, ES ripped thru resistance zone and went straight up for days. Classic blowoff top type action. Almost tagged Y+2 and stalled. Closed the week near week high and above Y+1.
Outlook
Limited upside to below B+2 with possible whiplash action to drop back down to B-2.
It is clear that ES is in a topping process here. Structural boundaries will likely be breached at various timeframes without providing us actual direction of the market. Staying on the sideline is a good choice if this kind of volatility is not your cup of tea.
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