NQ Weekly Levels (Feb5-9)

The market wrapped up a volatile week. The NQ and ES both traded down to there respective 21 ema where they found support then surged higher after the FOMC held rates at 5.5%, payroll data exceeded expectations & META/AMZN delivered. The market continues to bet on the goldilocks scenario of flat to lower rates, a strengthening economy during a US election year.

SUMMARY

• NQ finished the week at ATH with a gain of 1.04% after trading in a range of 555 pts.
  
• NQ successfully re-tested the 21 ema closing the week back at ATH resistance
  
• Potential double top now in play
  
• Bull/bear line is the Nov 22nd high (17706)
  
• A breakout to new highs makes a move to the 1.13 Fib X (18768) likely
  
• Rejection at the ATH (17792) makes move back to the 9 ema likely.
  
• If a double top confirms look for a move back to the 55 ema and potentially the July 19th high.
  
• Earnings continue with key reports from MCD, L, LLY, CAT, DIS, NET,UBER, AFRM, F & BABA.
  
• PMI data out on Mon & Fed Heads speaking all week.
  
• Elevated terrorist/war risk with escalaton of conflicts in the Middle East.
  
• RSI 63.91 | VIX at 13.84 | 10 year 4.02%
  

Yorum:

Quick look at the potential double top I will be watching for this week if price rejects at the ATH zone.

Yorum:

Incredible resilience above the 9 ema so far. ATH test is very likely and potential blue sky breakout move above the 1.618 extension.

Yorum:

$NQ_F broke the ATH. Now at 1.618 resistance. Next level above is the higher time frame 1.13 Fib X. Would expect a pause or pull back before bullish continuation but we will see.