S&P 500 Sep 19 to Sep 23 Outlook

By News Robot

Lawrence’s Comment

Recap
No further selloff. Rallied straight up from the bottom of the established range to the top of the range in a week. Closed the week above Y+1.

Outlook
Outside up week – it can be either a strong reversal pattern to the upside, or, a sign of exhaustion.

To tell the difference, we need to see if Y+1 acts as support. If it does and ES breakout above B+1, we get a confirmed daily level rally that puts B+2 in play.

If ES drops below Y+1 and that turns into resistance, ES can drop back down to the bottom of the established range of 1100 to 1200 very quickly.

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