Recap Pullback stopped right at Y-0. Rallied above Y+1 yet failed to hold above Y+1. Normally we get a drop to Y-1 but again it was not a normal week. 4200 round number above Y-0 acted as support and sent NQ straight back up to week high. Then the rate cut news from China took NQ to Y+2 and above. Op ex Friday took NQ all the way back down to its former resistance. Closed the week above Y+1 and midpoint.
Outlook Someone knew about the rate cut decision from China at least a week ago. The persistent buying to break the year high was calculated risk. At this point, since the announcement was made, there is not more reason to push things higher. NQ will likely consolidate at increased volatility into December.
Lawrence's Comment
Recap
Failed to bounce back up in the beginning of the week opened the door to tag Y-2. Interestingly, however, Y-2 was not tagged even after 2 attempts ...
Lawrence's Comment
Recap
Consolidation week at reduced range trapped inside Y-1 to Y-0. Closed the week below Y-0 and above midpoint.
Outlook
BOJ indeed doing what they claimed and no one dares ...
Nasdaq 100 Nov 24 to Nov 28 Outlook
Lawrence’s Comment
Pullback stopped right at Y-0. Rallied above Y+1 yet failed to hold above Y+1. Normally we get a drop to Y-1 but again it was not a normal week. 4200 round number above Y-0 acted as support and sent NQ straight back up to week high. Then the rate cut news from China took NQ to Y+2 and above. Op ex Friday took NQ all the way back down to its former resistance. Closed the week above Y+1 and midpoint.
Outlook
Someone knew about the rate cut decision from China at least a week ago. The persistent buying to break the year high was calculated risk. At this point, since the announcement was made, there is not more reason to push things higher. NQ will likely consolidate at increased volatility into December.
Share