Recap Failed to bounce back up in the beginning of the week opened the door to tag Y-2. Interestingly, however, Y-2 was not tagged even after 2 attempts to flush lower. Closed the week below midpoint and Y-1.
Outlook Out of the 3 indices, NQ is the strongest. Yet it failed to push above Y-1 by week close. The pattern in place is an incomplete upside triangle. Upside triangle is a continuation pattern. In this situation, that means more downside potential.
To invalidate the pattern or to break out of this down trend, NQ has to produce a double bottom against B-1, or, a flush low that snap back up quickly above B-1.
Lawrence's Comment
Recap
ES tight range consolidation around previous week close until Friday. Gap down to Y-1 led to breakdown move with Y-3 target tagged. Closed the week below Y-3 and near ...
Lawrence's Comment
Recap
Y-0 acted as support and then pushed this pair higher. Y+1 breached and then immediately snapped back down. Closed the week above Y-0 and B-0.
Outlook
The magiv 0.96 ...
Lawrence's Comment
Recap
Tight range. No news. No move. Closed the week at midpoint and Y-0.
Outlook
Breakout mode. Original trend entering the consolidation was up. So, upside breakout has a slight ...
Nasdaq 100 May 14 to May 18 Outlook
Lawrence’s Comment
Failed to bounce back up in the beginning of the week opened the door to tag Y-2. Interestingly, however, Y-2 was not tagged even after 2 attempts to flush lower. Closed the week below midpoint and Y-1.
Outlook
Out of the 3 indices, NQ is the strongest. Yet it failed to push above Y-1 by week close. The pattern in place is an incomplete upside triangle. Upside triangle is a continuation pattern. In this situation, that means more downside potential.
To invalidate the pattern or to break out of this down trend, NQ has to produce a double bottom against B-1, or, a flush low that snap back up quickly above B-1.
Will be a difficult week ahead.
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