Recap NQ found resistance at the open gap above and failed to test Y+1. That opened the door to Y-1 as it gapped down below Y-0. Y-1 was proven not strong enough to act as support, which in turn opened the door to Y-2. NQ flushed below Y-2 before it could find support. Closed the week near Y-2 and below midpoint.
Outlook NQ decisively invalidated its weekly uptrend even though the damage is the smallest among the 3 indices. This implies a potential bounce back up to the weekly support trend line for a retest before we can tell if a new down trend can be established on daily and weekly basis.
Before that, NQ has no trend in place on daily and weekly, pointing to major 2-way actions this week. Will be a difficult week for many day traders.
Lawrence's Comment
Recap
Gapped down to Y-1 to start the week. Y-0 acting as resistance as expected. The push above Y-0 failed to establish Y-0 as support and collapsed down to Y-1 ...
Overview
Emini overnight range 2126.50 to 2140.00 (at 9:00 am)
Overnight Midpoint 2133.25
Previous Week Close 2120.50
Battleplan for the Day
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Lawrence's Comment
Recap
Whole week was consolidation within Y-1 to Y-0. Closed the week right below Y-0.
Outlook
As stated previously, further weaknesses is expected. The past week formed a bear flag (or ...
Nasdaq 100 Aug 04 to Aug 08 Outlook
Lawrence’s Comment
NQ found resistance at the open gap above and failed to test Y+1. That opened the door to Y-1 as it gapped down below Y-0. Y-1 was proven not strong enough to act as support, which in turn opened the door to Y-2. NQ flushed below Y-2 before it could find support. Closed the week near Y-2 and below midpoint.
Outlook
NQ decisively invalidated its weekly uptrend even though the damage is the smallest among the 3 indices. This implies a potential bounce back up to the weekly support trend line for a retest before we can tell if a new down trend can be established on daily and weekly basis.
Before that, NQ has no trend in place on daily and weekly, pointing to major 2-way actions this week. Will be a difficult week for many day traders.
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