Trading Edges That Last
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Nasdaq 100 Feb 18 to Feb 22 Outlook
Lawrence’s Comment
Consolidated near Y+1 as expected. NQ held very well at the support mentioned last week. Then mid week gap and go forced NQ to go higher and tagged Y+1. Yet it could not hold the breakout and stalled all the way back down to a new low for the week. This staged NQ to print new low later in the week and it did. Closed the week near week low and below Y+1.
Outlook
Not as strong as the bulls wanted yet not as weak as the bears like. It is not even proper price swing on daily timeframe.
NQ can easily fall down to B-1 / Y-0 to fill its gap below but that is not necessary the sign of a top as layers of support is right below. It is especially true if the flush or gap down happens right at the start of this week.
Difficult week ahead trading NQ.
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