Recap Gap up turned into breakout failure. Gave us an excuse to send NQ back down to Y-0. Tagged Y-0 and failed to push it lower since. Then end of week news shock produced a squeeze back up to Y+1.
Outlook Once Y+1 / B+1 is cleared and turning into support, NQ can go a lot higher, not just B+2 or B+3. There will be enough trapped shorts to push this much higher as this base took almost 2 months to build.
The less likely scenario is that the breakout failed to materialize. Once B-0 is breached we should get B-2 quickly.
Lawrence's Comment
Recap
Similar to Dow, ES simply dropped as expected. After clearing Y-3, ES found support and bounced. ES rallied all the way up until Friday. Closed the week below Y-1 ...
Lawrence's Comment
Recap
News shock sent NQ back down to Y-1 creating a huge gap above. But NQ has not breached Y-1 at all. The rest of the week was a ...
Nasdaq 100 Jun 18 to Jun 22 Outlook
Lawrence’s Comment
Gap up turned into breakout failure. Gave us an excuse to send NQ back down to Y-0. Tagged Y-0 and failed to push it lower since. Then end of week news shock produced a squeeze back up to Y+1.
Outlook
Once Y+1 / B+1 is cleared and turning into support, NQ can go a lot higher, not just B+2 or B+3. There will be enough trapped shorts to push this much higher as this base took almost 2 months to build.
The less likely scenario is that the breakout failed to materialize. Once B-0 is breached we should get B-2 quickly.
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