NQ Weekly Levels (Mar11-15)

10 mar 2024

Markets closed the week with a dip as record highs gave way to profit-taking. Chip stocks, including Nvidia, faced reversals, impacting the S&P 500 and Nasdaq. Despite a strong job growth report, rising unemployment and slowed wage growth tempered the market's enthusiasm. NVDA closed 10.14% off it's ATH and Costco's 7.6% drop signaled cautious consumer spending. NQ finished the week -1.44%, ES -0.11% and MYM -0.76%. XLY & XLK finished the week red, while defensive XLP & XLU closed green. This week earnings season will con't to wind down and the focus will shift to CPI & PPI data for the lates clues about potential rate cuts.

SUMMARY

• NQ closed down 1.44% last week after trading in a wide range of 609 pts.
  
• NQ closed down for the 1st time in 3 weeks
  
• R1 = 9 ema (18341)
  
• R2 = MTF 1.272 Fib X (18583)
  
• S1 = 21 ema (18186)
  
• S2 = 2021 High (17957)
  
• Bias will remain long unless new information is presented or until the upward trendline is broken.
  
• Limited resistance levels above make large whole number very important.
  
• Potential risk-off shift for stocks last week. XLK & XLY down. XLU, XLP & XLRE up.
  
• NVDA dropped 10% from ATH. COST dropped 7% after earnings.
  
• Econ data this week includes CPI on Tuesday & PPI on Thursday.
  
• Watch for small cap growth to finally take off.
  
• RSI 54.97 | VIX at 14.73 | 10 year 4.25%
  

14 mar 2024

Nota

NQ has choppier price action than ES. Dip early this week was bought up but price continues to work around the 9 ema. Needs to break the 1.272 Fib extension for bullish continuation.