Recap ES continues to march higher with no significant pullback. Yet, it did not quite make it to the IHS target of 1570 mentioned last week. Option expiration together with March break also put a cap on the volume hence tight range was reasonable. Closed the week above Y+1 and midpoint.
Outlook As long as B-0 / Y+1 holds, ES can zoom higher still to the IHS target of B+2 to B+3 area.
Personally, due to the overbought condition in various breadth models, I will pass the long setups and look for short opportunities only.
Lawrence's Comment
Recap
Confirmed FBO on Monday gave us the bias for a move down to Y-1. Sold off from a lower high against Y+1 and dropped down to Y-1 smoothly as ...
Here is the trading system I presented in the Futures Magazine article, Using market breadth in trading systems, in the January 2008 issue.
System Setup
1. Emini S&P regular trading hours (RTH) ...
Lawrence's Comment
Recap
Overnight ES dropped below 2000 and the buying started right on schedule. The straight up reversal surprised many traders and created a short squeeze later in the week forcing ...
S&P 500 Mar 18 to Mar 22 Outlook
Lawrence’s Comment
ES continues to march higher with no significant pullback. Yet, it did not quite make it to the IHS target of 1570 mentioned last week. Option expiration together with March break also put a cap on the volume hence tight range was reasonable. Closed the week above Y+1 and midpoint.
Outlook
As long as B-0 / Y+1 holds, ES can zoom higher still to the IHS target of B+2 to B+3 area.
Personally, due to the overbought condition in various breadth models, I will pass the long setups and look for short opportunities only.
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