NQ Weekly Levels (Feb26-Mar1)

26 feb 2024

NQ and ES concluded the week in the green once again after testing the low of the recent range early in the shortened trading week for US markets. The NQ closed 1% off its (ATH), while the ES finished 0.56% off its ATH. The late-week recovery was fueled by another strong earnings report from NVDA, although big tech showed signs of weakness, closing out the week with most of the Mag 7 in the red on Friday as money rotated back into XLP, XLV, and XLB. Earnings season will wind down this week with reports from some big retailers, Canadian banks, and small-cap growth names. PCE data is on tap for Thursday, and the Fed heads will continue their speaking tour.

SUMMARY

• NQ gained 1.35% las week after trading in a wide range of 771 pts.
  
• NQ has now closed 3 weeks above the 2021 high
  
• T1 = 1.618 Fib X (18118)
  
• T2= 2.24 Fib X (18477)
  
• S1 = 9 ema (17473)
  
• S2 = 2021 high (17706)
  
• Uptrend remains intact above the upward trendline.
  
• Sector rotation last week from XLK, XLC & XLY to XLP, XLB & XLV.
  
• Durable Goods & Consumer Confidence on Tues. PCE & Consumer Spending Thru. Manufacturing PMI on Friday.
  
• Earnings this week include reports from U, ZM, LOW, M, MARA, CRM, SNOW, CELH, BBY & Canadian banks.
  
• Elevated terrorist/war risk with escalaton of conflicts in the Middle East.
  
• RSI 59.55 | VIX at 13.74 | 10 year 4.25%
  

28 feb 2024

Nota

Despite multiple attempts at a retest of the 1.618 level price fell away to S1 at the 9 ema. Look for price to hold here. If price fails to hold next support is the 21 ema then the 2021 high level.

28 feb 2024

Nota

Look on the 1H.

1 mar 2024

Nota

The 9 ema held beautifully. At intermediate resistance now at the 1.13 Fib X. This is an extension off the most recent pullback. The higher time frame 1.13 Fib x is still in play.

1 mar 2024

Nota

Here is a bigger look. Note the the 9 ema has risen with bullish price action and I have re-drawn the levels.