Trading Edges That Last
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Dow 30 Mar 12 to Mar 16 Outlook
Lawrence’s Comment
Beginning of the week a quick drop to Y-1 was rejected sending Dow back to Y-0. Then gap down to Y-2 right after the test yet failed to expand to Y-3. Switching of contract (from March to June) in the middle of the week distorted the chart from Thursday onward as the rally in the original contract has pushed it back up to almost B+1 by Friday. Closed the week at B-0 based on June and Y-0 based on March.
Outlook
Normally with successful break to Y-2 and below points to topping at or slightly above Y-1 for continuation sell. Shorts was caught by surprise due to same European b.s. that euro dollar did not over react but somehow US equities did.
As long as B+1 to Y+1 zone acts as resistance for the June contract a top is in place on weekly.
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