Nasdaq 100 Feb 11 to Feb 15 Outlook

Recap
As explained last week in S&P weekly comment, this week is supposed to be weak at least in the beginning of the week. That happened and NQ dropped with ES down to Y-1 area. Unlike ES, however, NQ did not gap higher. NQ also failed to even tagging Y+1 mid week. Its 2nd test of Y-1 resulted in a short squeeze that popped NQ much higher. Closed the week above Y+1 and near week high.

Outlook
Outside week with close above Y+1. Bullish as long as Y+1 can act as support holding the price up. Further breakout to the upside points to B+2. The more conservative target is the round number 2800.

Consolidation around Y+1 is more likely as the end of week rally was very much a squeeze made on a light volume day due to the snow storm. Many traders were not able to participate so the closing price printed may not reflect the real intention.

If NQ fails to hold B-0, a swing top for several weeks will be in place. It will also be the time to look for a swing short.