Recap ES failed to clear Y+1 in the beginning of the week and started its pullback. The normal Y-1 and Y-2 target were tagged. Then news shock from Europe sent everyone into a spin. ES break down to 2x range target and found support. Closed the week below Y-2 and midpoint.
Outlook As long as B-1 holds, a retest of B-0 and Y-1 is in play.
Lawrence's Comment
Recap
Monthly level weaknesses continues. Attempt to clear Y-0 failed leading to selloff down to Y-3 normal target. Closed the week near Y-3 and week low.
Outlook
Short term support ...
S&P 500 Jan 05 to Jan 09 Outlook
Lawrence’s Comment
ES failed to clear Y+1 in the beginning of the week and started its pullback. The normal Y-1 and Y-2 target were tagged. Then news shock from Europe sent everyone into a spin. ES break down to 2x range target and found support. Closed the week below Y-2 and midpoint.
Outlook
As long as B-1 holds, a retest of B-0 and Y-1 is in play.
Share