Trading Edges That Last
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Dow 30 Apr 06 to Apr 10 Outlook
Lawrence’s Comment
Dow jumped back above Y-0 but failed to hold above it right after, leading to a clean drop back down to Y-1. Since then Dow drifted back up to week mid. Closed the week below Y-0 and near midpoint.
Outlook
Shorten trading week due to Easter holiday gave us a close near midpoint is normal. The problem, however is that NFP was released on Friday and the stock market was not able to react to the report. Emini reacted bearishly and that will lead to sure chaos starting Sunday night.
On chart pattern basis, the drift back up to B-0 was weak and points to a retest of B-1 and likely a drop to B-2.
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