Nasdaq 100 May 12 to May 16 Outlook

Recap
Strong gap down produced as squeeze straight back up in the beginning of the week. Yet Y+1 was not cleared. Failure to clear Y+1 gave us a test of the other boundary. NQ dropped down to 3500 round number and found support there. Another strong reaction back up to the upper zone. No strength to go higher since. Closed the week near Y-0 and midpoint.

Outlook
Inside week closing near midpoint is indecision. No directional bias at this point. The attempt to breakout of the daily level down trend has failed meaning the ones being trapped for now are the long term bulls.

Due to this setup NQ needs to clear Y+1 before it can actually invalidate its daily level down trend.

Will be a difficult week to trade for NQ.