Recap The most timid index out of the 3 major indices. Opened the week near Y+1 and resistance there pressed ES lower. Ledge action led to upside breakout into Brexit. Brexit news shock forced ES to gap below Y-1 to open on Friday. Quick bounce back up to Y-0 resistance and sold off since. Closed the week below Y-1 and near week low.
Outlook Extreme volatility in effect. Normal nearby support / resistance zones will not be able to bound the price actions. Real support below 2000. Stay on the sideline is not a bad idea if you do not have experience handling such market conditions before.
S&P 500 Jun 27 to Jul 01 Outlook
Lawrence’s Comment
The most timid index out of the 3 major indices. Opened the week near Y+1 and resistance there pressed ES lower. Ledge action led to upside breakout into Brexit. Brexit news shock forced ES to gap below Y-1 to open on Friday. Quick bounce back up to Y-0 resistance and sold off since. Closed the week below Y-1 and near week low.
Outlook
Extreme volatility in effect. Normal nearby support / resistance zones will not be able to bound the price actions. Real support below 2000. Stay on the sideline is not a bad idea if you do not have experience handling such market conditions before.
Share