Dow 30 Apr 28 to May 02 Outlook

Recap
Got the upside breakout. But failed to clear 16500 round number hurdle. Then bad news hit and all the stubborn longs were trapped. Flushed back down equal distance and found support near the open gap. Closed the week below Y+1 and midpoint.

Outlook
We have not have such big open gaps in opposite directions within 2 weeks for a long time. This created a vacuum structure that will for sure making many frustrated traders this week.

Chart pattern on weekly tells us it is an FBO against the range established by Y+1 and Y-1. Since Y+1 failed to act as support, the likely target of Y-0 is in play. It can happen quickly with B-2 also likely.