Nasdaq 100 Dec 31 to Jan 04 Outlook

Recap
Seasonal year end updrift bias did not help the indices one bit. Fiscal cliff became an excuse to dump the indices to new low. Closed the week below Y-1 and near week low.

Outlook
The normal target of Y-2 was not tagged as of 4 pm Friday but it was taken out in the extra 1 hour trading on the index futures after that. It is significant because it is first time after the extended 1 hour trading kicking in place that such drastic movement happened. Will be interesting how this extra hour will be used going forward to manipulate the indices in the future.

Although we have a significant selloff into Friday close, the week range was not expanding hence it is not such as strong signal of further weaknesses. I suspect NQ will find support quickly going into the beginning of next year. Swing long opportunity in the making.