Recap Consolidation play initially with both Y-1 and Y+1 tested. Breakout play was clean and gave us Y-3 in 1 go. then the weekly range was over extended (as I mentioned during real-time chat) thus no more fuel to go lower. A bounce was induced. Closed the week above Y-1 and near midpoint.
Outlook This is one of the many markets that closed around its midpoint this week. That is a sign of indecision.
The strong bounce suggests NQ can go higher to Y-0. The wide range week also tells us that an inside / consolidation week likely with boundary capped between Y-0 and Y-2.
Overview
Emini overnight range 2156.50 to 2168.50 (at 8:50 am)
Overnight Midpoint 2162.50
Previous Week Mid 2161.00
Battleplan for the Day
(premium member only content below)
Nasdaq 100 Nov 11 to Nov 15 Outlook
Lawrence’s Comment
Consolidation play initially with both Y-1 and Y+1 tested. Breakout play was clean and gave us Y-3 in 1 go. then the weekly range was over extended (as I mentioned during real-time chat) thus no more fuel to go lower. A bounce was induced. Closed the week above Y-1 and near midpoint.
Outlook
This is one of the many markets that closed around its midpoint this week. That is a sign of indecision.
The strong bounce suggests NQ can go higher to Y-0. The wide range week also tells us that an inside / consolidation week likely with boundary capped between Y-0 and Y-2.
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