Recap NQ is the weak one last week. It follows the NFP playbook as well but it just cannot get through the 2800 round number. Like Dow, NQ bottomed on Monday and zoomed higher to Y+2. Since then it just kind of stuck there all the way. Closed the week below Y+2 and near week high.
Outlook Not the best formation for upside break out that just cleared the previous month high resistance. For bullish scenario, it is important that NQ stays above February high on weekly close basis. That will give it fire power to zoom higher to B+2 in coming monthly.
if NQ failed to hold above Feb high and breached B-0 / Y+1 on daily close basis, I will be a happy camper on the short side until it drops back down to at least B-2.
Lawrence's Comment
Recap
News shock created the double top and breached Y-0 support. The downside target of the double top tagged by end of the week. Closed the week below Y-1. ...
Lawrence's Comment
Recap
Break below Y-1 and that Y-1 turned into resistance, the bearish case unfolded. We got our target of Y-2 by mid week. The tricky part is that 1280 ...
Nasdaq 100 Mar 11 to Mar 15 Outlook
Lawrence’s Comment
NQ is the weak one last week. It follows the NFP playbook as well but it just cannot get through the 2800 round number. Like Dow, NQ bottomed on Monday and zoomed higher to Y+2. Since then it just kind of stuck there all the way. Closed the week below Y+2 and near week high.
Outlook
Not the best formation for upside break out that just cleared the previous month high resistance. For bullish scenario, it is important that NQ stays above February high on weekly close basis. That will give it fire power to zoom higher to B+2 in coming monthly.
if NQ failed to hold above Feb high and breached B-0 / Y+1 on daily close basis, I will be a happy camper on the short side until it drops back down to at least B-2.
March break means low volume for 2 weeks.
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