Recap My false breakout premises was correct. Leading to an all out selloff until 100% absolute range expansion is completed before ES was willing to stop. Closed the week near week low.
Outlook Similar to Dow, ES has a huge double top formation in line with the neckline near 1435 area. As long as that area stays as resistance, ES may have to slide down to B-2 before finding a good support zone.
Once ES has cleared the neckline to the upside, it will trigger a squeeze to B-0 and above.
This picture is a good illustration of what happened yesterday. NQ is messing with people who trade ES only and do not take cue from the other indices. ...
Lawrence's Comment
Recap
Sudden reversal as expected. Breaking below Y-0 gave us Y-1. 100% absolute range expansion stopped the drop and another sudden reversal by US NFP report. Closed the week below ...
S&P 500 Oct 15 to Oct 19 Outlook
Lawrence’s Comment
My false breakout premises was correct. Leading to an all out selloff until 100% absolute range expansion is completed before ES was willing to stop. Closed the week near week low.
Outlook
Similar to Dow, ES has a huge double top formation in line with the neckline near 1435 area. As long as that area stays as resistance, ES may have to slide down to B-2 before finding a good support zone.
Once ES has cleared the neckline to the upside, it will trigger a squeeze to B-0 and above.
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