Recap One of the most tricky weeks in these few years. First, in beginning of the week swinging around Y-0. Gapped to Y+1 and traded above. The gapped back down to way below Y-0 yet refused to tag Y-1 at all. Multiple attempts since to push above Tuesday high and failed. Closed the week at Y-0 and below midpoint.
Outlook False breakout to the upside with island reversal points to both exhaustion top and trapped bulls are in trouble. Yet, the persistent buying to stop NQ from dropping makes no sense, unless everyone is betting the market would repeat what happened last year where the indices just zoom higher.
Chart pattern suggested that once B-1 is breached, a quick flush to below B-2 is likely.
Lawrence's Comment
Recap
Dow rallied as expected towards 12200, but it stopped at 12150 when it reached 100% absolute range expansion and sold off since. Sell climax hit when Y-1 was ...
Lawrence's Comment
Recap
NQ bounced to above Y-0 and found resistance. Could not hold above Y-0 and gave us the expected drop to Y-1 for a test. Previous week close holding NQ ...
Lawrence's Comment
Recap
Sell setup from Y-0 to downside target at Y-2 in 1 go. Easiest play for the week. Y-2 did not hold up for long. Closed the week below Y-2 ...
Nasdaq 100 Jan 28 to Feb 01 Outlook
Lawrence’s Comment
One of the most tricky weeks in these few years. First, in beginning of the week swinging around Y-0. Gapped to Y+1 and traded above. The gapped back down to way below Y-0 yet refused to tag Y-1 at all. Multiple attempts since to push above Tuesday high and failed. Closed the week at Y-0 and below midpoint.
Outlook
False breakout to the upside with island reversal points to both exhaustion top and trapped bulls are in trouble. Yet, the persistent buying to stop NQ from dropping makes no sense, unless everyone is betting the market would repeat what happened last year where the indices just zoom higher.
Chart pattern suggested that once B-1 is breached, a quick flush to below B-2 is likely.
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