Recap Dow extended its losses early in the week with wedging actions gave us a clue that this could be an FBO against Y-1. Confirmed by Wednesday with a very powerful gap and go run back to Y-0. Y-0 turned into support and sent Dow higher until top of former consolidation zone was reached. Friday rollover let to a drop back down to week mid. The gap shown is because of premium difference with September contract. Closed the week near Y-1 and below midpoint.
Outlook Jun contract itself does not look as weak as the continuous contract suggests. That implies the gap fill above has a real chance to happen early next week.
Lawrence's Comment
Recap
Y-0 acted as support early in the week started a strong 1-2-3 buy with Y+3 target. That in turn started a reverse waterfall effect on daily squeezing the shorts ...
Dow 30 Jun 15 to Jun 19 Outlook
Lawrence’s Comment
Dow extended its losses early in the week with wedging actions gave us a clue that this could be an FBO against Y-1. Confirmed by Wednesday with a very powerful gap and go run back to Y-0. Y-0 turned into support and sent Dow higher until top of former consolidation zone was reached. Friday rollover let to a drop back down to week mid. The gap shown is because of premium difference with September contract. Closed the week near Y-1 and below midpoint.
Outlook
Jun contract itself does not look as weak as the continuous contract suggests. That implies the gap fill above has a real chance to happen early next week.
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