A frustrating week for many. As oppose to finding resistance at Y-0 and start a pullback, ES managed to hold in a tight range above previous week close. By the time NFP was out, it managed to hold week mid and blasted higher to close above previous year close. Closed the week above Y-0 and midpoint.
Outlook
Bullish for a test of Y+1. Breadth deteriorated a lot. This push up will likely be carried by a few names only.
Expect sudden volatility this week due to compression in tick reading.
As mentioned last time, the market is unstable. Violent breakout happened to the downside. Sold off all the way to below Y-3. Closed the week below Y-3 and at week low.
Outlook
Some more downside is expected early next week. Authorities will likely come out to b.s. the market back up. That points to a bounce back up to Y-2 potential.
Consolidation week at 50% range. 1780 magic #. Due to overnight news shock all week, we observed surprise breakout plays almost everyday last week. Yet, S&P was still bounded in tight range. Closed the week below Y-1 and midpoint.
Outlook
Daily ledge in place. It is not necessary to go lower at once should more weekly players jumping on board to BTFD.
On intraday basis, sudden gap above B+1 will lead to a run to B+2. Otherwise, B+1 should cap this down with new low likely.
