Recap Absolutely going nowhere. February high acted as support so downside targets are not triggered. Y+1 was not breached so no upside breakout continuation trade triggered either. Closed the week below midpoint and above Y-0.
Outlook Inside week. A breakout to the downside with Y-3 target somehow magically line up with the gap fill below.
As long as B-1 is not breached, not the best short environment because the trend entering this consolidation was up so bulls are still having the advantage.
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Lawrence's Comment
Recap
The pair was doing a standard consolidation below Y+2 and above Y-0 after a strong week. Closed the week at Y+1.
Outlook
The consolidation points to a retest of B+1 ...
Nasdaq 100 Mar 18 to Mar 22 Outlook
Lawrence’s Comment
Absolutely going nowhere. February high acted as support so downside targets are not triggered. Y+1 was not breached so no upside breakout continuation trade triggered either. Closed the week below midpoint and above Y-0.
Outlook
Inside week. A breakout to the downside with Y-3 target somehow magically line up with the gap fill below.
As long as B-1 is not breached, not the best short environment because the trend entering this consolidation was up so bulls are still having the advantage.
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