NQ Weekly Levels (Nov13-17)

14 Kas 2023

NQ had a big follow through week after the previous week's 6.42 % gain and finished up another 2.61%. NQ broke the downward trendline and closed above the Oct 12 pivot confirming a higher high. From a higher time frame perspective last weeks move also confirmed a successful retest of the Aug 16th high breakout point. The July 19th high is now in play.
Chop to be expecting until CPI comes on on Tuesday.


SUMMARY

• NQ finished the week with a gain of 2.61% after trading in a range of 502 pts.
  
• NQ had a strong follow through week closing above the Oct 12th pivot high and the MTF 618 Fib RT.
  
• Price now above all key emas & the 200 SMA
  
• NQ has made is first higher high since July.
  
• Strong sector rotation back into XLK & XLC from XLU & XLE
  
• Market pricing in a pause in rates due to a slowing economy.
  
• 10 Year yield down to 4.65 & VIX at 14.18
  
• Higher time frame look confirms a successfull retest of the Aug 16th high breakout point
  
• MTF 886 Fib RT at 16000 now in play.
  
• First support is now at the MTF 618 Fib RT (15412).
  
• First resistance in now at the MTF 786 RT (15776)
  
• Econ data this week includes CPI and PPI + many Fed Heads speeches.
  

14 Kas 2023

Not

Messy to start the week. Not easy to trade this going into big data events after a huge run up. Price is very unpredictable.

14 Kas 2023

Not

$NQ_F Drop in CPI has caused the market to explode higher. 1st upside target hit at the 786 Fib. The 886 Fib is the next target higher. This is my resistance zone so adding longs late is risky. Shorts also risky until topping pattern forms as we are in a state of short covering and panic buying.

16 Kas 2023

Not

$NQ_F After the big move into the 786/886 resistance zone price is consolidating. July highs are in play but the megas are extended right now. AAPL is at 786 resistance, MSFT is at 1.13 resistance and TSLA has filled the daily gap. Pull back here is likely but price may need to double top first.

16 Kas 2023

Not

1H Look.