Recap Early in the week tried to fill the gap above and failed. That points to the downside gaps in play. Later in the week 2 downside gaps were filled. Closed the week below Y-1.
Outlook Not as bearish as NQ yet not as bullish as Dow. Landing right at the longer term support zone means there is a choice here to make.
If ES can rally back above Y-1 and that turning into support, a run towards B-0 and then gap fill at 1250 is likely.
If Y-1 stays as strong resistance, a push towards 1190 and below is possible.
Lawrence's Comment
Recap
The easy money last week. Rallied from Y-1 as expected and spiked through Y+1 to complete the retest. Closed the week near week high and below Y+1.
Outlook
The ...
Overview
Emini overnight range 2152.75 to 2166.50 (at 9:00 am)
Overnight Midpoint 2159.50
Previous Week High 2156.00
Battleplan for the Day
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S&P 500 Nov 21 to Nov 25 Outlook
Lawrence’s Comment
Early in the week tried to fill the gap above and failed. That points to the downside gaps in play. Later in the week 2 downside gaps were filled. Closed the week below Y-1.
Outlook
Not as bearish as NQ yet not as bullish as Dow. Landing right at the longer term support zone means there is a choice here to make.
If ES can rally back above Y-1 and that turning into support, a run towards B-0 and then gap fill at 1250 is likely.
If Y-1 stays as strong resistance, a push towards 1190 and below is possible.
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