Recap Dow trapped in Y-0 to Y+1 most of the week until Friday option expiration. It then took off when news about Greece debt agreement were fed out. Closed the week above Y+1 and at week high.
Outlook Upside target of Y+2 is not tagged yet on news driven breakout. That will likely be taken care of next week.
Once Y+2 / B+2 zone is tagged, however, a decision will have to be made whether Dow will top out there.
Lawrence's Comment
Recap
Breakdown play to Y-2 and then Y-3 normal target materialized. 1.40 round number turned into resistance. Closed the week below Y-3 and near week low.
Outlook
For short term ...
Lawrence's Comment
Recap
Pulled back to Y-0 and bounced right off. Retested Y+1 and consolidating around it. Closed the week near Y+1 and above midpoint.
Outlook
The pullback and then the retest ...
Dow 30 Feb 23 to Feb 27 Outlook
Lawrence’s Comment
Dow trapped in Y-0 to Y+1 most of the week until Friday option expiration. It then took off when news about Greece debt agreement were fed out. Closed the week above Y+1 and at week high.
Outlook
Upside target of Y+2 is not tagged yet on news driven breakout. That will likely be taken care of next week.
Once Y+2 / B+2 zone is tagged, however, a decision will have to be made whether Dow will top out there.
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