Recap Dow coiled up on Monday led to attempt to clear Y+1 but failed. Y-0 not strong enough as support, gave way to more selling down below Y-1. Friday event led to spike up challenging Y-0 yet failed again. Closed the week near Y-2 and below midpoint.
Outlook Wide range reversal week. Y-1 / B-0 strong resistance. Y-3 to B-2 in play.
Lawrence's Comment
Recap
Classic consolidation near Y+1 at 50% of previous week range. Closed the week above midpoint and Y+1.
Outlook
Probably no direction until after new year. As long as B-1 ...
Dow 30 Aug 29 to Sep 02 Outlook
Lawrence’s Comment
Dow coiled up on Monday led to attempt to clear Y+1 but failed. Y-0 not strong enough as support, gave way to more selling down below Y-1. Friday event led to spike up challenging Y-0 yet failed again. Closed the week near Y-2 and below midpoint.
Outlook
Wide range reversal week. Y-1 / B-0 strong resistance. Y-3 to B-2 in play.
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