Recap Tricky start. Monday breached Y-1 and looked as if it cannot hold above Y-1. Then a gap and go run to search and destroy all the shorts from the past several weeks. Rally finally stopped at the gap above and stalled back down to Y-0. Notice how that turned into support and forced Dow to go back up to retest the gap. Closed the week at week high.
Outlook Gap fill above likely as long as good news are fed out from Europe. Y+1 to B+2 should should not be a big problem. B+1 turning into support is important for bullish scenario to continue.
Lawrence's Comment
Recap
Flushed to Y-2 as expected. News shock sending it back to Y-0. Closed the week below Y-0 and above Y-1.
Outlook
News shock again and again abrupted the longer term ...
Lawrence's Comment
Recap
Y-0 acted as support, gave us a go for more upside. Tried hard to push through Y+1 but ended up with 3 pushes pattern in place and snapped it ...
Dow 30 Jun 11 to Jun 15 Outlook
Lawrence’s Comment
Tricky start. Monday breached Y-1 and looked as if it cannot hold above Y-1. Then a gap and go run to search and destroy all the shorts from the past several weeks. Rally finally stopped at the gap above and stalled back down to Y-0. Notice how that turned into support and forced Dow to go back up to retest the gap. Closed the week at week high.
Outlook
Gap fill above likely as long as good news are fed out from Europe. Y+1 to B+2 should should not be a big problem. B+1 turning into support is important for bullish scenario to continue.
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