Recap Very nice rally off the support zone mentioned last week. Rally until 100% absolute range expansion completed. Y+2 rejected leading to a drop back down to Y+1. Closed the week above Y+1 and midpoint.
Outlook Completely different from Dow, NQ has been holding onto its bullish up trend on weekly. This gives bulls an advantage in containing the potential selloff / correction during the seasonally volatile period.
A decisive break of B-1 will lead to a strong pullback on weekly back down to B-3.
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Lawrence's Comment
Recap
We just encountered one of the wildest week of the year. In the beginning of the week everything looks weak with Y-1 breached yet the gap down induced buying ...
Nasdaq 100 Jul 28 to Aug 01 Outlook
Lawrence’s Comment
Very nice rally off the support zone mentioned last week. Rally until 100% absolute range expansion completed. Y+2 rejected leading to a drop back down to Y+1. Closed the week above Y+1 and midpoint.
Outlook
Completely different from Dow, NQ has been holding onto its bullish up trend on weekly. This gives bulls an advantage in containing the potential selloff / correction during the seasonally volatile period.
A decisive break of B-1 will lead to a strong pullback on weekly back down to B-3.
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