Recap NQ sold off in the beginning of the week as expected. It sold off back down to the crime scene where the short squeeze originally started. Since then NQ followed S&P to zoom back up higher. Closed the week at Y+1 and near week high.
Outlook As mentioned last week NQ is weaker structurally comparing to Dow and S&P. Since it is the momentum leader of the 3 indices. My conjecture of a longer term top building is partially confirmed.
As long as B+1 acting as resistance NQ will have a very hard time to go higher. Dropping back down to B-0 and below likely.
Beware that seasonal strength can limit the downside moves and exaggerate the upside ones.
Lawrence's Comment
Recap
As mentioned last week, it would be a difficult ride down. Monday broken down only resulted in an all out squeeze back up in last hour. Then ...
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Nasdaq 100 Nov 25 to Nov 29 Outlook
Lawrence’s Comment
NQ sold off in the beginning of the week as expected. It sold off back down to the crime scene where the short squeeze originally started. Since then NQ followed S&P to zoom back up higher. Closed the week at Y+1 and near week high.
Outlook
As mentioned last week NQ is weaker structurally comparing to Dow and S&P. Since it is the momentum leader of the 3 indices. My conjecture of a longer term top building is partially confirmed.
As long as B+1 acting as resistance NQ will have a very hard time to go higher. Dropping back down to B-0 and below likely.
Beware that seasonal strength can limit the downside moves and exaggerate the upside ones.
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