Trading Edges That Last
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Dow 30 May 20 to May 24 Outlook
Lawrence’s Comment
The sarcastic question I asked last week was answered. Dow held previous week close and zoomed higher. Closed the week at Y+3 and week high.
Outlook
Widest weekly range for quite some time. Every resistance nearby are taken out. Many long term bears have finally turned bullish and the ultra bulls are coming out to say the bull market is not over. This, is the sign that the majority of the bull run has been completed.
Not the best environment to go short but not the time to stay bullish either.
A break of the uptrend line supporting Dow so far across multiple weeks points to a drop back down to at least Y+1. It is significant because that alone is 200+ points already.
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