Recap Long bias from last week was simple but proven not easy for many. Dow just popped back up to Y-0 and went sideway. Then it took off without filling the gap below. Made new year high as expected. Closed the week above Y+1 and midpoint.
Outlook Will be difficult two weeks to trade if you want to force a play during this time. 2 reasons why it will be difficult.
First, post FOMC week almost always reverse everything happened after the announcement thus Y-0 is in play in coming 2 weeks.
But we are entering the low volume updrift time window to new year which is usually bullish (mildly).
I do not usually trade in the last 2 weeks of the year anyway. Given the conflicting setups, if we get a move, it will be very violent. Hands off is probably the best option.
Lawrence's Comment
Recap
Ninja failed to hold its support. The door to Y-1 opened. 100% absolute range expansion ended the drop. Closed the week below Y-0 and midpoint.
Outlook
A shallow pullback turned into ...
Lawrence's Comment
Recap
ES failed to push up beyond 25% prior week range early in the week signalling trouble to form a bottom. The break below Y-1 gave us a ...
Dow 30 Dec 23 to Dec 27 Outlook
Lawrence’s Comment
Long bias from last week was simple but proven not easy for many. Dow just popped back up to Y-0 and went sideway. Then it took off without filling the gap below. Made new year high as expected. Closed the week above Y+1 and midpoint.
Outlook
Will be difficult two weeks to trade if you want to force a play during this time. 2 reasons why it will be difficult.
First, post FOMC week almost always reverse everything happened after the announcement thus Y-0 is in play in coming 2 weeks.
But we are entering the low volume updrift time window to new year which is usually bullish (mildly).
I do not usually trade in the last 2 weeks of the year anyway. Given the conflicting setups, if we get a move, it will be very violent. Hands off is probably the best option.
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