Nasdaq 100 May 05 to May 09 Outlook

By News Robot

Lawrence’s Comment

Recap
NQ was the only normal index out of the big 3 last week. Test of Y-0 gave us a break below Y-1. Found support at 3400 round number. Spike reversal gave us upside target of Y-0 again. NQ then held previous week close setting the stage for a run to Y+1. NFP Friday did nothing to NQ. It just consolidated. Closed the week above Y-0 and midpoint.

Outlook
Retest of Y+1 stayed below Y+1. If NQ just break B-0 quickly next weekly without tagging Y+1 it will be very bearish with target going down to B-1 again.

If B-0 acts as support, it will be the first time NQ in past few months showing some strength against the prevailing trend on daily. Upside breakout above B+1 will likely give us B+2 quickly.

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