Nasdaq 100 Aug 12 to Aug 16 Outlook

Recap
Strongest among the big 3 indices. FBO Monday, this time NQ can no longer gap up to force a breakout to the upside. Hence normal selloff back down to Y-0. Held Y-0 and rallied back up to Y+1 for a retest. Failed to clear the resistance and dropped back down to week mid. Closed the week at midpoint and above Y-0.

Outlook
NQ is actually bullish on weekly chart pattern for another push higher above B+1. Until NQ can clear B-0 to the downside and that B-0 acting as resistance, NQ is still within the consolidation context from an uptrend.

A clean break below B-1 will signal a long term top in place for NQ to drop back down to B-3 as first target.