Recap Y+1 cleared invalidating the bearish bias. Y+2 tagged quickly right after. Measured target from 4 weeks ago reached by the end of the week. Closed the week above Y+2 and near week high.
Outlook Measured target reached with 2000 within 20 points. Round numbers are often strong magnet for ES. SPX at 2000 is also approx. 300% of the now infamous 666 bottom back in 2009. This could be the end of this rally for good.
Lawrence's Comment
Recap
Y-0 did not act as resistance after open gave us a clue that it would not hold on 2nd try. Into mid week, Y-0 cleared and gave us Y+1 ...
S&P 500 Jul 07 to Jul 11 Outlook
Lawrence’s Comment
Y+1 cleared invalidating the bearish bias. Y+2 tagged quickly right after. Measured target from 4 weeks ago reached by the end of the week. Closed the week above Y+2 and near week high.
Outlook
Measured target reached with 2000 within 20 points. Round numbers are often strong magnet for ES. SPX at 2000 is also approx. 300% of the now infamous 666 bottom back in 2009. This could be the end of this rally for good.
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