Recap Heavy selling as expected from the resistance zone mentioned last week. Got first target at Y-2 mid-week. As weekly support zone was breached ES can no longer hold up. Flushed to below Y-4 before finding temporary bottom. Closed the week near Y-4 and below midpoint.
Outlook Wide range week with weak close. Below B-1 likely. Y-3 / B-0 now strong resistance.
A rare scenario where ES spikes below B-1 in the beginning of the week and snap back up above will give us a run back up to Y-3.
S&P 500 Aug 04 to Aug 08 Outlook
Lawrence’s Comment
Heavy selling as expected from the resistance zone mentioned last week. Got first target at Y-2 mid-week. As weekly support zone was breached ES can no longer hold up. Flushed to below Y-4 before finding temporary bottom. Closed the week near Y-4 and below midpoint.
Outlook
Wide range week with weak close. Below B-1 likely. Y-3 / B-0 now strong resistance.
A rare scenario where ES spikes below B-1 in the beginning of the week and snap back up above will give us a run back up to Y-3.
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