Nasdaq 100 Aug 04 to Aug 08 Outlook

Recap
NQ found resistance at the open gap above and failed to test Y+1. That opened the door to Y-1 as it gapped down below Y-0. Y-1 was proven not strong enough to act as support, which in turn opened the door to Y-2. NQ flushed below Y-2 before it could find support. Closed the week near Y-2 and below midpoint.

Outlook
NQ decisively invalidated its weekly uptrend even though the damage is the smallest among the 3 indices. This implies a potential bounce back up to the weekly support trend line for a retest before we can tell if a new down trend can be established on daily and weekly basis.

Before that, NQ has no trend in place on daily and weekly, pointing to major 2-way actions this week. Will be a difficult week for many day traders.