Trading Edges That Last
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Lawrence's Comment Recap Y-0 acted as resistance and gave us a drop back down to previous week close which turned into very strong support on 3 separate attempts to break it from ...READ MOREFor more information about this report please refer to the Market Bias Informant pageREAD MORELawrence's Comment Recap As expected, Canadian dollar consolidated around Y-1 with downside bias. Closed the week around Y-1 and below midpoint. Outlook No strong directional bias because loonie is so close to par level ...READ MORE
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S&P 500 Oct 08 to Oct 12 Outlook
Lawrence’s Comment
1450 acted as resistance in the beginning of the week and forced a drop back down. Then the sudden reversal back up to Monday high area caught the bears by surprise and finally led to an all out short squeeze. Classic tight range breakout gunning for 100% expansion. Pullback to Monday high afterwards. Closed the week below Y+1.
Outlook
All 3 indices are forming a slightly different structure.
The only common theme standing out is that NQ and ES are both closing below Y+1, a sign of potential false breakout to the upside in place. That means, early next week if Y+1 is acting as resistance forcing ES and NQ back down, then we may get an all out selloff down to B-1 and below.
Difficult week ahead trading the indices.
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