E-Mini Nasdaq-100 Weekly Update 2/7

Beginning of the week we saw bulls take control with lots of sellers getting out of the way end of the prior week. Very strong volume both Friday on the selling side and Monday on the buying side which set a move back up to the local swing highs. We ended the week pretty steady, moving sideways for most of Thursday and Friday. Intraday, things are looking overbought and given the sideways price action, could signal that we either keep moving sideways for a few days and on some economic news (stimulus) or any other circumstance, move back to the highs and possibly break for a move higher. If price does move lower my first target is 13400 which has proven to be an area of interest, then adjusting from there.