Recap NQ test of downside target as expected and sparked a strong rally off the support. Follow thru actions pushed NQ back up above normal reversal target Y-0. Closed the week above Y-0 and near week high.
Outlook 4300 original zone which the dip buyers stepped in and many are forced out last 2 weeks over panic selling. Depending on how many of these dip buyers are left will either make it difficult to clear 4300 and led to consolidation actions back down to Y-0 / B-0 zone, or continuation up drift back to Y+1 / B+2 breakdown crime scene.
The S&P 500 Custom Breadth Chart as of August 6, 2019.Notice the extreme spikes of the 5 days new low and 20 days new low.That together with the AD Spike ...
Nasdaq 100 Jan 25 to Jan 29 Outlook
Lawrence’s Comment
NQ test of downside target as expected and sparked a strong rally off the support. Follow thru actions pushed NQ back up above normal reversal target Y-0. Closed the week above Y-0 and near week high.
Outlook
4300 original zone which the dip buyers stepped in and many are forced out last 2 weeks over panic selling. Depending on how many of these dip buyers are left will either make it difficult to clear 4300 and led to consolidation actions back down to Y-0 / B-0 zone, or continuation up drift back to Y+1 / B+2 breakdown crime scene.
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