Recap The bounce to Y-0 scenario unfolded exactly as described last week. The wait and see part at Y-0 turns into the bearish setup of trading below Y-1, pointing to a move towards Y-2. Tagged Y-2 and bounced off.
Outlook Breaking above B-0 means a quick rally towards B+1.
Unlike Dow, Nasdaq has not broken its down trend formation yet.
Lawrence's Comment
Recap
Previous week close defended gave us a run for Y+2. Y+2 tagged and strong reaction there dropped Dow back down to Y+1. Closed the week near Y+1 and midpoint.
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Lawrence's Comment
Recap
Bearish expectation played out. Struggled around Y-1 / 1.10 round number before giving in by end of week. Closed the week below Y-1 and midpoint.
Outlook
FOMC week will ...
Nasdaq 100 Jun 20 to Jun 24 Outlook
Lawrence’s Comment
The bounce to Y-0 scenario unfolded exactly as described last week. The wait and see part at Y-0 turns into the bearish setup of trading below Y-1, pointing to a move towards Y-2. Tagged Y-2 and bounced off.
Outlook
Breaking above B-0 means a quick rally towards B+1.
Unlike Dow, Nasdaq has not broken its down trend formation yet.
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