NQ/QQQ Weekend Look (Sep13-17)
Similar to the ES the NAS finished last week at the lows. The NAS still sits above the neutral zone so so it looks to have better relative strength. Much will depend how how TSLA, AAPL & GOOGL perform due to their heavy weightings in the indexes. Read the comments on my ES Weekly look chart for explanation why I feel we may see some weakness in the coming week(s). For now look for support to hold at the top of the neutral zone (tan box) at 15327. The next levels down would be 15091 and 14823 if we see a significant pull back. I would not be surprised to see a bounce early next week . Be sure to watch for aggressive selling on a good bounce.
Commento:
Watching for potencial bounce off the top of neutral box. If it fails to hold potential move down to 15090.
Commento:
Updated hourly look as price retest the top of the neutral box (382). Price has bounced 3 time here. Waiting to see if it will hold. Decent spot for a quick bounce trade. If the level breaks down a move to the bottom of the box (618 ) is likely.
Commento:
Very interesting price action for an OPEX Friday. Usually the price action is very choppy and non directional as market participant try to pin price around key strike prices. Today, however, price trended down the entire day and felt very bearish. That said the NAS close right on the top of the neutral at 15326 which is a positive. Even though price drifted lower in the afterhours the close is always important and gives hope for an early bounce Monday.
If the traders are swinging bearish should see some selling at we approach the red zone. If price breaks up through the red zone we start to feel bullish again.