Nasdaq 100 Dec 02 to Dec 06 Outlook

Recap
What resistance? NQ simply popped higher right from the start of the week and stayed above previous week close. Once Dow and S&P are ready, all 3 indices jumped higher. NQ was the star of them all. It pushed straight up to Y+3. Closed the week near Y+3 and week high.

Outlook
NQ upside breakout was the result of just a handful of stocks only. Last time we see such narrow breadth rally back in year 2000 it did not end well. Notice that without longer term chart supporting the bears, there is no reason to fade this market yet.

Expecting a consolidation week with reduced range.