Nasdaq 100 Aug 20 to Aug 24 Outlook

Recap
Unlike Dow, NQ successfully breakout early in the week and Y+1 has been acting as support all the way. Then the rally pushed NQ to our upside target Y+3 area. Closed the week at week high and above Y+3.

Outlook
The primary upside objectives are all completed for NQ. From here onward if NQ has to go higher it has to absorb its overbought condition in breadth quickly. What that means is consolidation with minimal pullback but extreme selling in breadth reading.

Since we cannot predict that the above scenario will unfold, we should focus on the fact that it is likely for NQ to tag B-0. If B-0 failed to act as support, a flush to below B-1 is expected.