Nasdaq 100 Apr 16 to Apr 20 Outlook

Recap
Tagged our downside target at Y-2 early in the week. Since then it is pure consolidation. The twist came on Friday as various global issues and economic data reports became the excuses to force the equity markets lower. Closed the week near week low.

Outlook
The correction in NQ on daily timeframe is long overdue. The interesting question is whether it can find a bottom quickly at the nearest support area.

So far the Y-2 zone has produced a bounce of 50+ points. Next lower support zone is Y-3 / B-2 area. If NQ breaks B-1, a quick slide to that is likely.

If the flush results in a quick bounce back above B-1, a potential daily w. spring is in place and can kick start a rally to retest year high in coming few weeks.