Recap NQ upside breakout with ES and Dow. The only one out of the 3 indices reached its Y+2 upside target. NQ then failed to hold onto its gain and formed a head and shoulder later in the week. Clean break of neckline led to a drop back to week low. Closed the week below Y+1 and near week low.
Outlook NQ on swing basis has almost broken the down trend on daily. Almost because on close-to-close basis we did not get a close high enough. That means the fight continues into this week.
NQ downside target of B-2 / Y-0 is strong support zone. A fight there will tell if NQ can finally get out of its down trend.
Lawrence's Comment
Recap
Dropped to Y-1 as expected. Bounced back immediately. Y-0 resistance stopped the bounce. Closed the week below Y-0 and midpoint.
Outlook
4 Hour down channel established. Until break out ...
Last update on the 19th nailed the short term resistance and here is what happened so far before open. Notice Emini S&P chose to go sideway for the week ...
Nasdaq 100 Apr 28 to May 02 Outlook
Lawrence’s Comment
NQ upside breakout with ES and Dow. The only one out of the 3 indices reached its Y+2 upside target. NQ then failed to hold onto its gain and formed a head and shoulder later in the week. Clean break of neckline led to a drop back to week low. Closed the week below Y+1 and near week low.
Outlook
NQ on swing basis has almost broken the down trend on daily. Almost because on close-to-close basis we did not get a close high enough. That means the fight continues into this week.
NQ downside target of B-2 / Y-0 is strong support zone. A fight there will tell if NQ can finally get out of its down trend.
Share