Recap Y-0 failed to hold NQ down, gave it the perfect excuse to squeeze back up to Y+1. NQ was able to hold above Y+1 and consolidated there. Closed the week above Y+1 and near week high.
Outlook A retest of Y+1 is in order. Breaking below on daily closing basis points to at least moving back down to B-0 if not lower. As oppose to what many people may think, NQ is not making a bullish pattern here. It is developing a complex top that is often seen in Nasdaq stocks.
Lawrence's Comment
Recap
Early part of the week was a weak drift towards previous week close from below. As that failed to push higher, Y-2 was tagged. Then the multi-stage ...
Nasdaq 100 Jan 26 to Jan 30 Outlook
Lawrence’s Comment
Y-0 failed to hold NQ down, gave it the perfect excuse to squeeze back up to Y+1. NQ was able to hold above Y+1 and consolidated there. Closed the week above Y+1 and near week high.
Outlook
A retest of Y+1 is in order. Breaking below on daily closing basis points to at least moving back down to B-0 if not lower. As oppose to what many people may think, NQ is not making a bullish pattern here. It is developing a complex top that is often seen in Nasdaq stocks.
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