NQ Weekly Levels (Jan29-Feb2)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%