NQ Weekly Levels (Jan29-Feb2)

29 gen 2024

Market pushed higher again last week. The NQ made a new ATH daily close on Wed & the ES pushed through the Mar 29th high. Momentum stalled at the end of the week as traders trimmed longs on weak guidance from INTC and positioned for a big week of data & earnings ahead. This week Megacaps (GOOGL, META, MSFT, AMZN)are schuduled to report, the FOMC will make its rate decision on Wed & Nonfarm Payroll data wil be released on Friday.

SUMMARY

• NQ finished the week flat with a small gain of 0.24% after trading in a range of 371 pts.
  
• NQ made a new daily ATH close on Wednesday
  
• NQ pulled back from the ATH on Thurs & Fri after poor guidance from INTC and weak XLY led by TSLA.
  
• Topping pattern has started to form on the 1H and 4H with RSI divergence
  
• Pull back to 21 ema and upward trendling likely if topping pattern confirms.
  
• If topping pattern fails to break look for an upside move to the 1.618 Fib X.
  
• Huge week of earnings ahead with reports from AAPL, META, MSFT, AMZN & AMD.
  
• FOMC rate decision on Wed & NFP on Friday
  
• Outsized move risk is high this week so postion accordingly.
  
• RSI 67.33 | VIX at 13.25 | 10 year 4.14%
  

29 gen 2024

Nota

Here's the topping pattern I am looking at on the 1H.

30 gen 2024

Nota

$NQ_F breaking down out of the topping pattern after making one more run at the ATH on poor GOOGL results. Below the 9 ema now. Downside target is the upward trendline and the Dec 28th high. Bulls want to see price recover the 9 ema.

1 feb 2024

Nota

$NQ_F followed through to the down side coming close to the bearish target of Dec 28th high and the 21 ema. TBD whether or not price will need to actually touch the 21 ema before reversing the down trend. Big earnings on tap tonight so may chop until we get the reports from AAPL and AMZN.