In preparation for the May 19th/20th market high, our May 18th newsletter advised our readers of the following:
We should at least see a (Dow) retest of the now lower gamma level around 18125.
At the time of preparing this update, the Dow has already retested the lower gamma curve level and went on to retest the lower alpha and beta levels as well.
It remains to be seen though whether or not the Dow will manage to close above the alpha/beta curves around the 18,070 level. If it continues lower, the next support levels are around 17,950-18,000. We also have a minor time pressure window coming up towards the end of this week, which should at least produce a retracement.