Nasdaq 100 Jun 06 to Jun 10 Outlook
As oppose to just move up to B+3 target area, NQ simply gap above B+1, forcing a fierce short cover rally in the beginning of the week. Then news shock sending it all the way back down to below Y+1 as many people tried to pick the bottom at Y-0 to Y+1 thinking that the daily selloff is over.
The downside momentum was so huge that Y-0 turned into resistance, forced NQ to drop below Y-1.
Outside down week is quite bearish. But, it was caused by multiple news shocks, so it is not normal market dynamics.
A break to below Y-2 with a quick reversal back above B-1 points to a bottom in place.
Y-0 is now strong resistance and also a magnet to run up to once a rally has started.