NQ/QQQ Weekly Levels (Dec4-8)

3 de dez. de 2023

The market traded at key resistance for the 2nd week in a row just below the July highs. Price has been holding the highs but feels very extended and is due for at least a mild pull back. That said price often needs and exhaustive push higher before reversing so a spike move into the July high first is not out of the question. It's notable that DOW, Russel & S&P finished the week stronger than Nasdaq and breath improved with another strong week for small caps.

SUMMARY

• NQ finished the week with a gain of 0.12% after trading in a range of 352 pts.
  
• NQ continued to consolidate below the July 19th high
  
• Price stuck in 300 pts range. Key levels remain the same.
  
• First resistance is July 19th High (16257)
  
• First support is the Sept 1st High (15856)
  
• A move above the July 19th high makes a move to 16500 likely
  
• A move below the Sept 1st High makes a move 15700 likely.
  
• Key econ data due out this week is US PMI on Tueday, ADP Employment on Wed & Non Farm Payrolls on Friday.
  
• Breadth broadened last week with Russel & Dow outperforming the S&P and Nasdaq.
  
• Interest sensitive sectors XLRE, XLF & XLU had a strong week
  
• 10year yield dropped to 4.19%. VIX below 13
  

4 de dez. de 2023

Nota

$NQ_F pressuring the Sept 1st high level already. Below the Sept 1st high a move to the 21 ema is likely. Be aware that there is data due out at 7am pst/ 10am est.

5 de dez. de 2023

Nota

$NQ_F has tested the 21 ema. Price bounced sharply from the level and is attempting to reclaim the Sep 1st high. Price need to hold Sep 1st high for bullish continuation. A break back below the the 21 ema make a trip down to the 55 ema likely.