Recap Nasdaq reacted to the anti-climax zone mentioned last week and followed by an all out selloff. 100% absolute range expansion did not stop the drop. Only until Dow and ES found their support dragged NQ back up. Closed the week below midpoint and above Y-1.
Outlook NQ end of week rally was mainly an effect from Google earning. This week there will be no Google earning so the pop from end of last week cannot be viewed as a true bottom being found. A retest of the zone below Y-1 to B-1 forming a higher low will stage a picture perfect rally back up to Y-0.
I am bearish overall so the scenario above is not something I like to see but the probability is there.
Lawrence's Comment
Recap
As explained last week, Dow was locked in range and it happened again. Y+1 resistance sent Dow straight back down to Y-0 and stuck there. Closed the week near ...
Lawrence's Comment
Recap
Initial gap down in beginning of the week did not stop NQ from zooming higher to the Y+2 / Y+3 target. Yet NQ failed to hold at ...
Lawrence's Comment
Recap
Y+1 / previous week close resistance dropped Dow back down to Y-0. Dow bounced off Y-0 to fill the gap above and stalled. After NFP Dow dropped to Y-0 ...
Nasdaq 100 Apr 22 to Apr 26 Outlook
Lawrence’s Comment
Nasdaq reacted to the anti-climax zone mentioned last week and followed by an all out selloff. 100% absolute range expansion did not stop the drop. Only until Dow and ES found their support dragged NQ back up. Closed the week below midpoint and above Y-1.
Outlook
NQ end of week rally was mainly an effect from Google earning. This week there will be no Google earning so the pop from end of last week cannot be viewed as a true bottom being found. A retest of the zone below Y-1 to B-1 forming a higher low will stage a picture perfect rally back up to Y-0.
I am bearish overall so the scenario above is not something I like to see but the probability is there.
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