Recap ES started the week strong pushing higher but failed to stay above Y-0 and collapsed back down to Y-1 and below. That opened the door to Y-2. From there Y-1 acted as resistance and sent ES striaght down to almost Y-5 after NFP came out. Closed the week below Y-4 and near week low.
Outlook A weekly close below Y-4 is a rare event. ES strong support underneath around 2050 area. If ES flushes down there and find support, ES can easily bounce back up to Y-3 quickly. Wild consolidation week is expected.
Lawrence's Comment
Recap
I thought the backfill back down to Y-1 was going to be choppy. Instead, we got this clean directional slide all the way down. Cleared Y-1 easily and then ...
S&P 500 Mar 09 to Mar 13 Outlook
Lawrence’s Comment
ES started the week strong pushing higher but failed to stay above Y-0 and collapsed back down to Y-1 and below. That opened the door to Y-2. From there Y-1 acted as resistance and sent ES striaght down to almost Y-5 after NFP came out. Closed the week below Y-4 and near week low.
Outlook
A weekly close below Y-4 is a rare event. ES strong support underneath around 2050 area. If ES flushes down there and find support, ES can easily bounce back up to Y-3 quickly. Wild consolidation week is expected.
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