Recap Gapped down to Y-1 yet found an excuse to move back up to Y-0. Failed to clear Y-0 and fell straight down to Y-3. The reversal was as impressive as the drop – straight back up to Y-1. Closed the week near Y-1 and above midpoint.
Outlook Range expansion with close near Y-1 is not bullish. So it is not a sign of bullish reversal. It will take ES to hold Y-2 and then clearing the week close to break the down trend.
S&P 500 Oct 06 to Oct 10 Outlook
Lawrence’s Comment
Gapped down to Y-1 yet found an excuse to move back up to Y-0. Failed to clear Y-0 and fell straight down to Y-3. The reversal was as impressive as the drop – straight back up to Y-1. Closed the week near Y-1 and above midpoint.
Outlook
Range expansion with close near Y-1 is not bullish. So it is not a sign of bullish reversal. It will take ES to hold Y-2 and then clearing the week close to break the down trend.
Share