Trading Edges That Last
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Lawrence's Comment Recap Upside target Y+2 tagged first, then downside target gap fill below was tagged later. Closed the week above Y+1. Outlook Stronger than Dow but weaker than NQ. ES has ...READ MOREFor more information about this report please refer to the Market Bias Informant pageREAD MORE
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Nasdaq 100 Dec 17 to Dec 21 Outlook
Lawrence’s Comment
My read of a retest of Y+1 was correct but NQ failed to take it out. Slided back down to Y-0 after multiple tries. Y-0 was not a good support due to the gap right below hence giving NQ the fuel to collapse and tagging Y-1 in 1 go. Closed the week at Y-1.
Outlook
The closest thing we get so far for a weekly reversal. Yet it is not as bearish as it seems because it is not an outside week with down close and it is also not a significantly lower close.
If NQ can hold 2600 area early next week and rally back above Y-1 quickly, a swing bottom will be in place for a run to at least retesting B-0. Depending on what happen at B-0, I see the potential of major breakout above 2700.
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