Recap Breakout play worked out. Clearing Y-1 gave us a straight melt down to Y-3 target. Then a technical bounce took ES higher back to Y-1. Closed the week below Y-2 and midpoint.
Outlook Daily uptrend is broken. As long as 1450 down to B-0 acts as resistance, more down side is expected.
The overall structure points to sudden huge drops over the more normal selloffs where we see bulls giving up. Next level down is Y-5 / B-2.
Lawrence's Comment
Recap
Opened the week below Y-1 and struggled around Y-1 since. By end of the week, cable can no longer hold the price level and flushed down to almost Y-2. ...
S&P 500 Oct 01 to Oct 05 Outlook
Lawrence’s Comment
Breakout play worked out. Clearing Y-1 gave us a straight melt down to Y-3 target. Then a technical bounce took ES higher back to Y-1. Closed the week below Y-2 and midpoint.
Outlook
Daily uptrend is broken. As long as 1450 down to B-0 acts as resistance, more down side is expected.
The overall structure points to sudden huge drops over the more normal selloffs where we see bulls giving up. Next level down is Y-5 / B-2.
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