Recap Y-0 support sent NQ higher to test Y+1. Failed to clear it and dropped back down to normal target of Y-1. Got Y-1 and consolidated since. Closed the week below Y-0 and midpoint.
Outlook Retest of Y-0 / B-0 likely as the drop to Y-1 was meant with great resistance. If B-0 / Y-0 area proven strong enough to hold NQ down then NQ has more down side in coming 2 weeks.
Lawrence's Comment
Recap
Test of Y+1 led to breakout to the upside. Breakout target Y+3 was tagged by the end of the week. Closed the week above Y+2 and near week high.
...
Nasdaq 100 Jan 19 to Jan 23 Outlook
Lawrence’s Comment
Y-0 support sent NQ higher to test Y+1. Failed to clear it and dropped back down to normal target of Y-1. Got Y-1 and consolidated since. Closed the week below Y-0 and midpoint.
Outlook
Retest of Y-0 / B-0 likely as the drop to Y-1 was meant with great resistance. If B-0 / Y-0 area proven strong enough to hold NQ down then NQ has more down side in coming 2 weeks.
Share