Trading Edges That Last
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Dow 30 May 26 to May 30 Outlook
Lawrence’s Comment
Dow tried to hold the prior support zone but failed. Flushed down to 16300 round number and defended the level. The quick snap back up gave us a go for the original upside target. Tagged the target by end of the week. Closed the week above Y-0 and near week high.
Outlook
Tricky spot to close the week. It was the level for which Dow collapsed 300 points from. A reaction here is expected. It is also the classic 2nd entry zone from an important swing top.
Hence if Dow failed to hold up early in the week, a flush back down to B-0 is expected and is also likely. From there, it can turn into an all out selloff.
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