Recap Another not so surprising attack against the bears last week. As mentioned last week, the gaps above were inviting Dow to revisit them quickly. The surprise was that it was done with a huge gap up above them all to start the week. As Y+1 acted as support, Dow moved to Y+2 to complete the upside objective. A steep drop from Y+2 back down to fill the open gaps below since. Closed the week above Y+1 and midpoint.
Outlook Consolidation around the open of the week above Y+1 is bullish. It shows that Y+2 / B+1 is likely to be retested early next week. Reaction there will tell us if last week was a blow-off top.
Lawrence's Comment
Recap
Going higher as expected. Consolidated around Y+1 at 50% previous week range. Zoomed up to upside target of Y+2 by end of week. Closed the week near ...
Lawrence's Comment
Recap
Broken out to the downside. Tagged double top target and bounced back up to Y-1. Closed the around midpoint.
Outlook
As long as Y-1 acts as resistance, a retest ...
Dow 30 Jul 21 to Jul 25 Outlook
Lawrence’s Comment
Another not so surprising attack against the bears last week. As mentioned last week, the gaps above were inviting Dow to revisit them quickly. The surprise was that it was done with a huge gap up above them all to start the week. As Y+1 acted as support, Dow moved to Y+2 to complete the upside objective. A steep drop from Y+2 back down to fill the open gaps below since. Closed the week above Y+1 and midpoint.
Outlook
Consolidation around the open of the week above Y+1 is bullish. It shows that Y+2 / B+1 is likely to be retested early next week. Reaction there will tell us if last week was a blow-off top.
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