Recap Upside target of current year high is tagged. Not quite an explosive up swing but also not quite a drift up. Closed the week above Y+2 and near week high.
Outlook Since ES failed to push through current year forcefully, another attempt to do so is likely next week.
As noted in comments on NQ, the overall breadth overbought condition has to be resolved. A pullback to B-0 and below is expected. Not sure if that will turn into a bigger selloff as the reaction to B-0 will be important signs telling us whether this rally is over.
S&P 500 Aug 20 to Aug 24 Outlook
Lawrence’s Comment
Upside target of current year high is tagged. Not quite an explosive up swing but also not quite a drift up. Closed the week above Y+2 and near week high.
Outlook
Since ES failed to push through current year forcefully, another attempt to do so is likely next week.
As noted in comments on NQ, the overall breadth overbought condition has to be resolved. A pullback to B-0 and below is expected. Not sure if that will turn into a bigger selloff as the reaction to B-0 will be important signs telling us whether this rally is over.
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