Recap Y-0 support as expected and sent NQ up to near Y+1. NQ failed to clear the former support zone, forced it back down to test Y-0. Fed minutes released on Wed and then Asian markets going south helped NQ to break the Y-0 support sending it straight down to below Y-1. Option expiration amplified the move to clear the normal breakout target of Y-3. Closed the week below Y-4 and near week low.
Outlook A bounce is likely with consolidation around B-1 also likely. Even at reduced range, this coming week will be wild relative to the quiet times we enjoyed over the past few months.
Lawrence's Comment
Recap
The less likely scenario happened. Free ride from Y-0 to Y-2. Closed the week above Y-1.
Outlook
The reaction at B-0 points to a retest of B-1. Congestion within B-0 ...
Nasdaq 100 Aug 24 to Aug 28 Outlook
Lawrence’s Comment
Y-0 support as expected and sent NQ up to near Y+1. NQ failed to clear the former support zone, forced it back down to test Y-0. Fed minutes released on Wed and then Asian markets going south helped NQ to break the Y-0 support sending it straight down to below Y-1. Option expiration amplified the move to clear the normal breakout target of Y-3. Closed the week below Y-4 and near week low.
Outlook
A bounce is likely with consolidation around B-1 also likely. Even at reduced range, this coming week will be wild relative to the quiet times we enjoyed over the past few months.
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