The market pulled back to support on the first trading week of the year but recoved almost all the losses last week with a strong bounce off breakout support. NQ will start the week at Jul 12th pivot resistance while the ES will start the week at Mar 29th pivot resisance. If prices can reclaim and hold these key levels a test of the ATHs is likely. Look for bullish contination above the 21 emas and weakness below.
SUMMARY
SUMMARY
- NQ finished the week with a gain of 2.98% after trading in a range of 678 pts.
- NQ recovered from the 1st week of 2024 selloff.
- Price currently overbought and may need to re-test the 21 ema before bullish continuation
- Key resistance is at the Dec 28th high (17165)
- Key support is at 21 ema. (16724)
- A move above the Dec 28th high makes a move to the ATH likely.
- A move below the 21 ema makes a move to the July 19th high likely.
- Earning seasons begins with reports from US banks including GS, MS.
- Shortened trading week due to MLK holiday
- Econ data this week includes Retail Sales, Industrial Prod & speeches by Fed's heads.
- Broad market support required to achieve ATH.
- XLK is extended. Look for rotation into XLY, XLV & XLF
- RSI 55 | VIX at 13.90 | 10 year 4.0%
Comment:
$NQ_F has completed a 21 ema test on this pull back. If the level holds look for a move back into resistance at the 886 fib / 9 ema. If the level fails the July 19th high will be in play.
Comment:
$NQ_F levels worked perfectly last week. Daily 21 ema held on the p/b signalling a move higher. Targets were hit 1 by 1 to the upside. Entries could have been made on pull back tests of each levels or after a new high following a restest. Key levesls were Jan 12th high and the Dec 12 high. Focusing on them offered and edge. Using the 30min (9/21/55)) trend works very well on the NQ & ES for intraday enrtries. The process is simple but its crucial to use the correct levels. ATH still in play.
