Trading Edges That Last
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As Featured In
Dow 30 May 04 to May 08 Outlook
Lawrence’s Comment
Gap higher tested the resistance zone as expected. Sold off from there giving us Y-0 and below. That opened the door to Y-1 as Y+1 became solid resistance. Sold off down to Y-1 and then near Y-2. Closed the week near Y-0 and above midpoint.
Outlook
Y-0 and above now confirmed strong resistance. Dow can easily fall back down to Y-1 and below again. Reactions down there will determine if a longer term top is in the making.
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