Recap Consolidation above Y+1 for several days opened the door to Y+2. Then Dow found an excuse and zoomed up there in 1 go. Tagging Y+2 led to a strong selloff back down. Closed the week above Y+1 and below midpoint.
Outlook Spike reversal late in the week was not confirmed with a close below Y+1 thus it is not bearish enough to signal the start of a significant pullback.
If B-0 acts as resistance and that B-1 is breached decisively, we should see a move back down to B-3.
Without a dramatic move like that, holiday mode continues and the light volume up drift bias will dominate the tape.
Lawrence's Comment
Recap
Completely stuck within Y-0 to Y+1. Makes sense because cable is not the primary target of the intervention done 2 weeks ago.
Outlook
Breakout mode. Am not expecting a ...
Lawrence's Comment
Recap
Took no time to tag Y+2. Pullback right after bounced off Y+1. That points to more upside potential. Eventually breakout above Y+2 and completed 100% absolute range ...
Dow 30 Dec 02 to Dec 06 Outlook
Lawrence’s Comment
Consolidation above Y+1 for several days opened the door to Y+2. Then Dow found an excuse and zoomed up there in 1 go. Tagging Y+2 led to a strong selloff back down. Closed the week above Y+1 and below midpoint.
Outlook
Spike reversal late in the week was not confirmed with a close below Y+1 thus it is not bearish enough to signal the start of a significant pullback.
If B-0 acts as resistance and that B-1 is breached decisively, we should see a move back down to B-3.
Without a dramatic move like that, holiday mode continues and the light volume up drift bias will dominate the tape.
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