Nasdaq 100 May 11 to May 15 Outlook

By News Robot

Lawrence’s Comment

Recap
As I pointed out last week, a healthy pullback takes more than a week. NQ gapped higher into the resistance zone and sold off down to Y-1 and completed the move when 100% absolute range expansion was reached. The bounce was quick and stayed above Y-1 since making it potential FBO against Y-1. NFP report sent NQ striaght back up to the breakdown resistance again. Closed the week below Y-0 and above midpoint.

Outlook
B-0 support will lead to test of B+1 and higher. A test of 4400 round number / open gap below is possible but not necessary because there are many trapped shorts who need to bail out.

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