Recap ES gapped back above Y-0 and immediately met with strong resistance. ES gapped back down below Y-0 and could not clear it since. That opened the door to Y-1 and ES dropped there quickly. ES drifted up since. Closed the week below Y-0 and near midpoint.
Outlook Y-0 / B+1 now confirmed very strong resistance zone. Interesting enough, ES has not established weekly down trend so far but that may change quickly this week. We are looking for more wild swings this week with downside target B-2 likely.
Lawrence's Comment
Recap
Consolidation with not much activities.
Outlook
Looking for this pair to settle in this zone over the coming weeks to form a long term bottom. Bias towards long side on ...
S&P 500 Apr 06 to Apr 10 Outlook
Lawrence’s Comment
ES gapped back above Y-0 and immediately met with strong resistance. ES gapped back down below Y-0 and could not clear it since. That opened the door to Y-1 and ES dropped there quickly. ES drifted up since. Closed the week below Y-0 and near midpoint.
Outlook
Y-0 / B+1 now confirmed very strong resistance zone. Interesting enough, ES has not established weekly down trend so far but that may change quickly this week. We are looking for more wild swings this week with downside target B-2 likely.
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