NQ/QQQ Weekly Levels (Aug14-18)

Here are my levels to start the week. I am currently away and not trading right now so unable to do any of my usual preparation notes or updates. Key support right now is the 55 ema. If the level cannot hold a move down to the upward trend line and the 618 Fib is possible. If price holds the 55 look for a retest of the 21 ema.
There is retail sales tomorrow, FOMC minutes on Wednesday and Jobs data at then of the week. Key reports from large retailers out this week as well giving the market a look at how the consumer is doing.
Happy trading.

Commento:

Return from my trip to some nasty price action. The 55 ema clearly could not hold so the move down to the lower trendline happened rapidily over the past few days. Support is now the lower trendline and the 618 Fib retacement below.. If pice cannot hold the 618 Fib the NQ will no longer be in the bull zone which makes a deeper pullback possible.