Recap NQ attempted to move higher from Y+1 but failed. That opened the door to Y-0. First leg down stopped at 50% week range and tried to drift back up like a normal consolidation week. Y+1 acted as resistance since and by op-ex Friday, the breakdown took NQ down to its below Y-0 target Closed the week near Y-0 and below midpoint.
Outlook NQ has now established its daily down trend. Until weekly support levels below are tested, NQ will have difficulties to go higher. B-0 now strong resistance zone.
Lawrence's Comment
Recap
Gapped higher near Y+1 to start the week. After failing to clear Y+1 gave us a drop back down to Y-0 and filled the open gap in 1 go. ...
Nasdaq 100 Apr 20 to Apr 24 Outlook
Lawrence’s Comment
NQ attempted to move higher from Y+1 but failed. That opened the door to Y-0. First leg down stopped at 50% week range and tried to drift back up like a normal consolidation week. Y+1 acted as resistance since and by op-ex Friday, the breakdown took NQ down to its below Y-0 target Closed the week near Y-0 and below midpoint.
Outlook
NQ has now established its daily down trend. Until weekly support levels below are tested, NQ will have difficulties to go higher. B-0 now strong resistance zone.
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