Recap As explained last week that option expiration weeks operate with a different set of rules. Dow could not clear the upper boundary as expected and suddenly dropped back down to Y-0 and below to end the week as expected. Closed the week below Y-0 and midpoint.
Outlook Dow has not broken the weekly up trend, yet. That means if Dow can hold B-1, it will get a chance to move back up to B-0 to challenge the open gap above. Until daily level down trend is established, it is difficult to tell how much more downside can happen.
Dow 30 Apr 20 to Apr 24 Outlook
Lawrence’s Comment
As explained last week that option expiration weeks operate with a different set of rules. Dow could not clear the upper boundary as expected and suddenly dropped back down to Y-0 and below to end the week as expected. Closed the week below Y-0 and midpoint.
Outlook
Dow has not broken the weekly up trend, yet. That means if Dow can hold B-1, it will get a chance to move back up to B-0 to challenge the open gap above.
Until daily level down trend is established, it is difficult to tell how much more downside can happen.
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