NASDAQ 100 index respected primary support at 2040 before rallying strongly on the weekly chart. Bullish divergence on 13-week Twiggs Money Flow indicates buying pressure. Breakout above 2340 would complete a double bottom. Reversal below 2000 is less likely, but would warn of a decline to 1700*. A word of caution: we are in a highly volatile market — do not act on signals without confirmation from other indexes.
* Target calculation: 2000 – ( 2300 – 2000 ) = 1700
Apologies. That should read “double bottom”.
Yep. Thanks.
Just checking!
the respected primary support should read 2040 instead of 2340 and breakout about 2340 should be just that, a breakout not a double bottom please correct me
Thank you — the primary support (2340) was a typo. Double bottom with base at 2040 and neckline at 2340 — remember this is a weekly chart and tails should not be ignored.