Recap Gapped way higher right at the start of the week. Then collapsed back down to fill the gap. NQ found support there and started a short squeeze filling the gap above. NQ drifted higher a bit and then collapsed after NFP report was out. Magically it rallied back up to take out Y+1. Closed the week below Y+1 and above midpoint.
Outlook If NQ fails to hold B-0 anytime these coming 2 weeks, a very powerful topping pattern will be in place. It does not matter how high NQ will go. All that matters is that NQ must find support at B-0 and above.
Once the topping pattern is in place, B-3 is the minimal target.
Lawrence's Comment
Recap
Y+1 did not act as resistance. Euro simply zoomed thru it and that it turns into support. That gave us Y+2 and above as target. Euro zoomed higher above ...
Nasdaq 100 Sep 09 to Sep 13 Outlook
Lawrence’s Comment
Gapped way higher right at the start of the week. Then collapsed back down to fill the gap. NQ found support there and started a short squeeze filling the gap above. NQ drifted higher a bit and then collapsed after NFP report was out. Magically it rallied back up to take out Y+1. Closed the week below Y+1 and above midpoint.
Outlook
If NQ fails to hold B-0 anytime these coming 2 weeks, a very powerful topping pattern will be in place. It does not matter how high NQ will go. All that matters is that NQ must find support at B-0 and above.
Once the topping pattern is in place, B-3 is the minimal target.
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