Recap The chance to even test Y-1 was not there. NQ simply rejected Y-1 and zoomed back above Y-0. That paved way to Y+1 within the week. Continued to struggle below Y-0 until Friday where S&P and Dow zoomed higher and dragged NQ higher. Closed the week near week high and Y+1.
Outlook 4th week in a row with this recurring rejection of previous week low pattern. Weekly timeframe rising wedge / bear flag in place. A breakout of this pattern, however, is untradable by most traders due to the size of the range covered.
Breakout above B+1 early next week will zoom NQ to B+2 in no time. That is the result of trapped bears over 4 weeks time span being purged.
Will be difficult to trade NQ on swing basis until it moves out of this zone.
Lawrence's Comment
Recap
Another week of consolidation as expected. Bear flag in beginning of the week drove the price down to Y-1 for a retest. W. spring formed and sent it back ...
Lawrence's Comment
Recap
Found support from Y-1 / previous week close and started an up drift back up to Y-0. Closed the week below Y-0 and above midpoint.
Outlook
Thin up channel ...
Nasdaq 100 Feb 04 to Feb 08 Outlook
Lawrence’s Comment
The chance to even test Y-1 was not there. NQ simply rejected Y-1 and zoomed back above Y-0. That paved way to Y+1 within the week. Continued to struggle below Y-0 until Friday where S&P and Dow zoomed higher and dragged NQ higher. Closed the week near week high and Y+1.
Outlook
4th week in a row with this recurring rejection of previous week low pattern. Weekly timeframe rising wedge / bear flag in place. A breakout of this pattern, however, is untradable by most traders due to the size of the range covered.
Breakout above B+1 early next week will zoom NQ to B+2 in no time. That is the result of trapped bears over 4 weeks time span being purged.
Will be difficult to trade NQ on swing basis until it moves out of this zone.
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