S&P 500 Jan 31th to Feb 4th Outlook
By LawrenceLast Week Recap
Holding above prior week midpoint led to an explosive jump to prior week high. 3 distinct pushes visible on 30-min and hourly ended with a break down selling towards prior week low. Ended the week at exactly the downside target area (red zone).
Next Week Outlook
On daily basis, prior week was the top and previous week was a retest with spike high that failed to breakout to the upside. Such pattern is commonly followed by either a retest of the original top (green zone) or a sell off to 50% downside expansion target quickly.
Both scenarios point to more weaknesses to come and that the likely first target of the down move is 100% downside expansion. It can take more than a week to get there.
Comments
Year end close on the ES is 1257.50
Mid point of last week is 1285
LC,
One of the sleazier gurus who sells overpriced trading courses ($USD 2000) that rely on chart patterns available for free in the public domain appears to be watching what we’re doing.
He puts out free videos at times, and several of the things that we often talk about here were mentioned in his weekend special.
I am not going to mention his name here, as I don’t want to draw attention/give him any additional traffic; but I thought you should know.
Some trade; some teach others to trade; and some do both. I’d like to think that I do both, but I make my income doing the first. Some make their incomes just teaching. I couldn’t do that, but in the end we all make our choices, and we all have to live with the choices we made.
I see.
Since we choose to talk openly about our trading ideas in real-time, it is very hard to block others from “borrowing” our views.
Hopefully, when more people get to know this site they would figure out where the materials are coming from.