The video analyzes the Nasdaq futures (MNQ1!) and NDX, highlighting a potential pullback based on technical indicators. The speaker points out a "7 council signal" suggesting caution. A previous decline in August of approximately 4.5% is referenced as a precedent, and multiple gaps in other charts indicate the potential for further decline. For NDX, the speaker identifies several potential gaps, estimating a potential decline of 1%, 1.8%, 3.5%, and 5.25% from Friday's close.