Nasdaq 100 Oct 07 to Oct 11 Outlook

Recap
Gap down to near Y-2 invalidated the original conjecture of potential upside breakout. Yet NQ zoomed back up and cleared Y+1 quickly. Since then NQ consolidated around Y+1 with 20 points swings. Failing to hold above Y-0 sent NQ back down to Y-2 and near the week low. Found support and rallied hard back up to Y+1 again. Closed the week near Y+1 and above midpoint.

Outlook
Whiplash outside week yet closing within previous week range. Increased volatility with no direction. Y-0 and B-0 near each other. NQ still refuses to give us a direction.

Warning to bears – Volatility measures are not giving us an extreme strong enough to suggest a bottom is in place but it is getting there. It is a possible scenario and happens at times when a market is ready to breakout above its long term resistance. If NQ continues to swing wildly around this same zone and price does not resolve lower, this upside breakout scenario will take shape.