Recap Affected by the other 2 indices, NQ was pulled down quickly towards Y-0 which induced a flush down to its open gap below from the prior week. Drifted higher since but another market shock forced a gap down to Y-1 which was bought magically. Closed the week above Y-0 and midpoint.
Outlook Strongest among the 3 indices, inside week with strong close points to retest of Y+1 / B+1 likely.
The retest will likely be met with strong selling due to the number of trapped longs from the past 2 weeks above Y-0.
A weekly level pullback is in the making if NQ fails tag B+1 first before coming back down to B-0. This will open the door to B-1 and below over the coming few weeks.
Lawrence's Comment
Recap
NQ pushed higher but mainly in consolidation mode. Closed the week near Y+1 and midpoint.
Outlook
NQ consolidation at the top of the rally points to more upside potential. ...
Nasdaq 100 Jul 14 to Jul 18 Outlook
Lawrence’s Comment
Affected by the other 2 indices, NQ was pulled down quickly towards Y-0 which induced a flush down to its open gap below from the prior week. Drifted higher since but another market shock forced a gap down to Y-1 which was bought magically. Closed the week above Y-0 and midpoint.
Outlook
Strongest among the 3 indices, inside week with strong close points to retest of Y+1 / B+1 likely.
The retest will likely be met with strong selling due to the number of trapped longs from the past 2 weeks above Y-0.
A weekly level pullback is in the making if NQ fails tag B+1 first before coming back down to B-0. This will open the door to B-1 and below over the coming few weeks.
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