Recap Y+1 acted as resistance sending Dow back down to the open gap below. Once tagged, Dow bounced back quickly and held the 18000 round number. News shock sent Dow higher clearing Y+1. Closed the week above Y+1 and near week high.
Outlook Dow in a complex rising wedge structure that can easily snap back down to B-0 and below if Y+1 fails to act as support.
Lawrence's Comment
Recap
Downside 2200 target tagged. Then failed to hold and break lower to next support zone around 2150. Closed the week at the low of the week.
Outlook
Given the momentum ...
Dow 30 May 18 to May 22 Outlook
Lawrence’s Comment
Y+1 acted as resistance sending Dow back down to the open gap below. Once tagged, Dow bounced back quickly and held the 18000 round number. News shock sent Dow higher clearing Y+1. Closed the week above Y+1 and near week high.
Outlook
Dow in a complex rising wedge structure that can easily snap back down to B-0 and below if Y+1 fails to act as support.
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