Recap NQ dropped initially as expected but it failed to tag Y-2 and a forced FBO led to a quick run above Y+1. Yet, NQ could not stay above Y+1 and dropped back down to Y-0 and week mid eventually. Closed the week near Y-0 and midpoint.
Outlook Outside week close near the two midpoints implies indecision. Breaking below B-0 will force a test of at least Y-1. But that is not necessary very bearish because B-1 can turn into support right below.
Lawrence's Comment
Recap
Sold off to 1.0 as expected. Sometimes some markets are easier to trade at times like this one. Closed the week at the low.
Outlook
Critical juncture. Multiple timeframes ...
Nasdaq 100 Jun 01 to Jun 05 Outlook
Lawrence’s Comment
NQ dropped initially as expected but it failed to tag Y-2 and a forced FBO led to a quick run above Y+1. Yet, NQ could not stay above Y+1 and dropped back down to Y-0 and week mid eventually. Closed the week near Y-0 and midpoint.
Outlook
Outside week close near the two midpoints implies indecision. Breaking below B-0 will force a test of at least Y-1. But that is not necessary very bearish because B-1 can turn into support right below.
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