Recap NQ break out upside above Y+1 but failed to push beyond 100% absolute range expansion. FBO against Y+1 led to a drop back down to Y-1 and found support near Y-2. After NFP, a huge stop hunt started with ECB adding fuel later in the day. Closed the week above Y+1 and midpoint.
Outlook NQ is not as bullish as ES or Dow. It has to prove itself by holding B-0 first. The more troublesome issue is that 4500 to 4700 range has bounded NQ for quite some time. If NQ fails to hold above 4700, it can lead to another drop back down to 4600 last week of the year or early next year.
Nasdaq 100 Dec 07 to Dec 11 Outlook
Lawrence’s Comment
NQ break out upside above Y+1 but failed to push beyond 100% absolute range expansion. FBO against Y+1 led to a drop back down to Y-1 and found support near Y-2. After NFP, a huge stop hunt started with ECB adding fuel later in the day. Closed the week above Y+1 and midpoint.
Outlook
NQ is not as bullish as ES or Dow. It has to prove itself by holding B-0 first. The more troublesome issue is that 4500 to 4700 range has bounded NQ for quite some time. If NQ fails to hold above 4700, it can lead to another drop back down to 4600 last week of the year or early next year.
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