Recap Dropped below 15000 as expected. Flushed down to Y-3 and support was found. Bounced back up to week mid. Closed the week near midpoint and Y-2.
Outlook Well structured selling. No real panic. 2nd week into the stair step formation. 3rd week of such pattern is always the wildcard. Dow can either zoom back up to B+1 and above or dropping straight down to B-3 like last week.
A retest of B-1 is likely so how Dow reacts there will tell if we are going to get a flush.
Lawrence's Comment
Recap
Dropped lower as expected. Cable tried to bounce from Y-2 but failed to clear Y-1. That opened the door to Y-3 and below. By end of the week Cable ...
My monthly update on market internals. The current snapshot of S&P 500 3-Day Advance Issues, Tick16 Short Term + Long Term as of 2013 May 17 close. ...
Overview
Emini overnight range 2176.75 to 2180.75 (at 9:00 am)
Overnight Midpoint 2178.75
Previous Month High 2171.75
Battleplan for the Day
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Dow 30 Oct 07 to Oct 11 Outlook
Lawrence’s Comment
Dropped below 15000 as expected. Flushed down to Y-3 and support was found. Bounced back up to week mid. Closed the week near midpoint and Y-2.
Outlook
Well structured selling. No real panic. 2nd week into the stair step formation. 3rd week of such pattern is always the wildcard. Dow can either zoom back up to B+1 and above or dropping straight down to B-3 like last week.
A retest of B-1 is likely so how Dow reacts there will tell if we are going to get a flush.
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