Recap Dow gapped down to longer term critical support level and rallied from there since. Although Dow has tried hard to push higher it did not get Y-0 at the end. Closed the week below Y-0 and above midpoint.
Outlook B-0 / Y-1 potential support but not necessary a strong one especially if B+1 / Y-0 is tested first and rejected.
Lawrence's Comment
Recap
Cannot clear previous week close and led to all out selloff down to Y-3 target. Bounced from Y-3 and tested Y-1 from below. Closed the week below Y-1 and ...
Lawrence's Comment
Recap
Consolidation as expected. 50% previous week range around Y-0. Closed above Y-0 and midpoint.
Outlook
As mentioned last week, "it looks like weekly level pullback but should be treated as consolidation". ...
Dow 30 Aug 03 to Aug 07 Outlook
Lawrence’s Comment
Dow gapped down to longer term critical support level and rallied from there since. Although Dow has tried hard to push higher it did not get Y-0 at the end. Closed the week below Y-0 and above midpoint.
Outlook
B-0 / Y-1 potential support but not necessary a strong one especially if B+1 / Y-0 is tested first and rejected.
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