Recap Y-0 support sent NQ up above Y+1 but it fails to hold above that which led to sell off back down to Y-0 and below. Y-0 was cleared quickly leading to Y-1 test. Y-1 was breached. Closed the week below Y-0 and midpoint.
Outlook Outside week with down close still within the range is bearish but not weak enough to give us clean signal for a breakdown play. NQ may need to bounce back up to Y-0 / B-0 zone for a retest before going lower.
Lawrence's Comment
Recap
Got Y+2 as expected. Immediate pullback since. Consolidated around Y+1. Closed the week below Y+1 and midpoint.
Outlook
Down trend on daily broken. Now US dollar has to prove its strength ...
Nasdaq 100 Aug 10 to Aug 14 Outlook
Lawrence’s Comment
Y-0 support sent NQ up above Y+1 but it fails to hold above that which led to sell off back down to Y-0 and below. Y-0 was cleared quickly leading to Y-1 test. Y-1 was breached. Closed the week below Y-0 and midpoint.
Outlook
Outside week with down close still within the range is bearish but not weak enough to give us clean signal for a breakdown play. NQ may need to bounce back up to Y-0 / B-0 zone for a retest before going lower.
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