Recap Y-0 acted as resistance and gave us a drop back down to previous week close which turned into very strong support on 3 separate attempts to break it from above. 2nd push at Y-0 cleared the resistance and gave us a run to Y+1. Closed the week below Y+1 and above midpoint.
Outlook Odd thin up channel developed last week cannot last.
2 completely opposite outcomes are expected. A breakout of B+1 will lead to a run to at least B+2. This is the case where Dow follows the parabolic run pattern.
A break of 16300 will lead to an all out drop back down to 16100 and below due to break down from thin up channel.
Lawrence's Comment
Recap
More downside as expected but failed to tag Y-2. Just consolidated around Y-1. Closed the week near Y-1 and midpoint.
Outlook
Indecision to close near Y-1 means a chance to push ...
Overview
Emini overnight range 1836.25 up to 1876.00
Overnight Midpoint 1856.00
Current Week Mid 1850.00
Emini S&P is now trading at the top part of its range with a small gap ...
Dow 30 Apr 21 to Apr 25 Outlook
Lawrence’s Comment
Y-0 acted as resistance and gave us a drop back down to previous week close which turned into very strong support on 3 separate attempts to break it from above. 2nd push at Y-0 cleared the resistance and gave us a run to Y+1. Closed the week below Y+1 and above midpoint.
Outlook
Odd thin up channel developed last week cannot last.
2 completely opposite outcomes are expected. A breakout of B+1 will lead to a run to at least B+2. This is the case where Dow follows the parabolic run pattern.
A break of 16300 will lead to an all out drop back down to 16100 and below due to break down from thin up channel.
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