Trading Edges That Last
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As Featured In
Nasdaq 100 Oct 01 to Oct 05 Outlook
Lawrence’s Comment
As mentioned last week, NQ has an important top in the making and we just got the first taste of the volatility to the down side. Early in the week, after breaking B-1 down to B-2 support zone NQ, NQ has no support until after tagging Y-5. NQ bounced back to midpoint area and consolidated since. Closed the week below Y-3 and midpoint.
Outlook
Main reason for the selloff in NQ is because of Apple.
Since Y-1 downto Y-2 was the original support zone for bulls, this has now turned into strong resistance. Until that zone is cleared, daily down trend is in place and more down side is expected.
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