Recap Sold off to B-2 as expected early in the week. Rallied all the way back to challenge Y-0 and failed. Closed the week at midpoint and above Y-1.
Outlook ES recovered from the selloff and is in a stronger formation in comparison to NQ. ES is in fact back into the inside week range prior to the selloff. It has a choice now to either rally all its way back up to the top of that inside week range (Y+1) or continue its downside move to Y-3 and B-2 area. For the likely direction in the beginning of the week, I will take clue from NQ.
Lawrence's Comment
Recap
Bear flag broken, dropped to B-1 and below as expected. Bounced back up to Y-0 and led to another drop to week low. Closed the week below Y-1 and ...
Following is the chart posted here back in the beginning of May from a previous Market Internals Update.
Who says breadth analog models do not work?
The Tick16 Short Term index is ...
S&P 500 May 23 to May 27 Outlook
Lawrence’s Comment
Sold off to B-2 as expected early in the week. Rallied all the way back to challenge Y-0 and failed. Closed the week at midpoint and above Y-1.
Outlook
ES recovered from the selloff and is in a stronger formation in comparison to NQ. ES is in fact back into the inside week range prior to the selloff. It has a choice now to either rally all its way back up to the top of that inside week range (Y+1) or continue its downside move to Y-3 and B-2 area.
For the likely direction in the beginning of the week, I will take clue from NQ.
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