Recap Sold off to Y-2 as expected. The strong rally, however, all the way back up to Y-0, was quite amazing. Closed the week below Y-0 after failing to stay above that.
Outlook Down trend intact. Going back down to B-0 is likely.
Breaking below B-0 will open the door to B-1 and B-2.
A rare scenario is that Y-2 turning into support (which is also the double bottom neckline area), that can stage a rally finally breaking this down trend on daily timeframe.
Lawrence's Comment
Recap
Dow pushed higher as expected. NFP week pattern played out nicely. Closed the week above Y+1 and near week high.
Outlook
NFP week is over so a surprise take ...
S&P 500 Oct 10 to Oct 14 Outlook
Lawrence’s Comment
Sold off to Y-2 as expected. The strong rally, however, all the way back up to Y-0, was quite amazing. Closed the week below Y-0 after failing to stay above that.
Outlook
Down trend intact. Going back down to B-0 is likely.
Breaking below B-0 will open the door to B-1 and B-2.
A rare scenario is that Y-2 turning into support (which is also the double bottom neckline area), that can stage a rally finally breaking this down trend on daily timeframe.
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