Recap Unlike NQ, Dow refused to even consolidate below Y+1. Instead it popped higher and sit above Y+1. Eventually that led to the upside breakout and doubled the range of the week and paused. Closed the week above Y+1 and midpoint.
Outlook The thin upchannel was broken by end of the week yet there was no negative reaction. This could be caused by option expiration.
Once B-1 is breached, I am looking for at least a drop to below B-3 to fill the gap below.
As long as it holds, it is difficult to tell if Dow still has enough fuel for another push higher.
Dow 30 Mar 18 to Mar 22 Outlook
Lawrence’s Comment
Unlike NQ, Dow refused to even consolidate below Y+1. Instead it popped higher and sit above Y+1. Eventually that led to the upside breakout and doubled the range of the week and paused. Closed the week above Y+1 and midpoint.
Outlook
The thin upchannel was broken by end of the week yet there was no negative reaction. This could be caused by option expiration.
Once B-1 is breached, I am looking for at least a drop to below B-3 to fill the gap below.
As long as it holds, it is difficult to tell if Dow still has enough fuel for another push higher.
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