Recap Pullback to Y-0. Perfect test of support then rally to Y+1 as expected. Cleared Y+1 easily. Breakout in place with Y+2 target taken out quickly. Drifted higher since. Closed the week above Y+2 and at week high.
Outlook The bullish action was overdone. Consolidation actions expected for this week.
Y+2 and below has high probability to be tagged this week.
Lawrence's Comment
Recap
Dow tried to hold support all week but failed to clear Y+1 resistance. Friday breakdown move flushed to Y-3 directly. Closed the week near Y-3 and week low.
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Lawrence's Comment
Recap
The less likely scenario happened. Free ride from Y-0 to Y-2. Closed the week above Y-1.
Outlook
The reaction at B-0 points to a retest of B-1. Congestion within B-0 ...
S&P 500 Nov 18 to Nov 22 Outlook
Lawrence’s Comment
Pullback to Y-0. Perfect test of support then rally to Y+1 as expected. Cleared Y+1 easily. Breakout in place with Y+2 target taken out quickly. Drifted higher since. Closed the week above Y+2 and at week high.
Outlook
The bullish action was overdone. Consolidation actions expected for this week.
Y+2 and below has high probability to be tagged this week.
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