Nasdaq 100 Nov 24 to Nov 28 Outlook
Pullback stopped right at Y-0. Rallied above Y+1 yet failed to hold above Y+1. Normally we get a drop to Y-1 but again it was not a normal week. 4200 round number above Y-0 acted as support and sent NQ straight back up to week high. Then the rate cut news from China took NQ to Y+2 and above. Op ex Friday took NQ all the way back down to its former resistance. Closed the week above Y+1 and midpoint.
Someone knew about the rate cut decision from China at least a week ago. The persistent buying to break the year high was calculated risk. At this point, since the announcement was made, there is not more reason to push things higher. NQ will likely consolidate at increased volatility into December.