No trades taken for Dow last week as price stayed away from the boundary of the rotation zone. Market crawled up on declining volume, a sign of weakness.
Possible scenarios: 1) Rotational play: Trades can be executed at boundary of rotation range 34605 / 32789. - Long if supported at 32789-33037 - Short if rejected at 34605-34432 2) Rotational breakout/breakdown: - If price breakout, long when price retraces and finds support - If price breakdown, short when price retraces and is rejected
Volume Analysis: Weekly: Ave vol up bar close off high = No demand Daily: Low vol up bar close off high = No demand H4: Ultra High vol up bar close off high, followed by ave vol down bar = weakness confirmed
Price reaction levels Short on Test and Reject | Long on Test and Accept
35750 35228 34432-34605 33037- 32789 30513 28635
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