Dow 30 Apr 23 to Apr 27 OutlookBy on 2012 Apr 21 Sat 7:05:34
Break out above Y+1 from Y-0 gave us Y+2 target. Tagged Y+2 and filled 2 gaps above in 1 go. Then Dow just fall and failed to hold Y+1 eventually. A flush to almost week low led to a violent bounce again to above week midpoint to close.
Gaps above and below this 100 point range (12900 to 13000).
Normally a significant up swing of 200+ points that is reversed almost completely is very bearish. Yet, Dow managed to break back above the resistance of midpoint means there is no real direction for the coming week.
Bullish scenario is a clean breakout above B+1, then a run to B+2 and year high is likely.