Here are my levels for this the coming week. NQ had a sharp reversal last week bouncing 3.82% after trading down for 4 weeks in a row. Dispite the strong rally the risk of bearish continuation remains high. A rejection at the top of the 1st red box could easily send price into a compound corrective move down to the 200 sma and upward trendline. Much depends on the reaction to FOMC, NFP as well as the earnings reports from AAPL and AMZN.
SUMMARY
SUMMARY
- NQ posted a 3.83% gain last week after trading in a 753 pt range.
- NQ made V-bottome reversal and closed back above the 9 ema just below the 2021 high.
- R2 = LTF 618 Fib RT/55 ema (18082)
- R1= 2021 High ( 17957)
- S1 = 9 ema (17727)
- S2= LTF 382 Fib RT (17705)
- Bias is still down to sideways as upward trendline has been broken.
- 200 SMA price magnet in play
- Compound corrective move down to 200 sma/lower trendline support is possible
- FOMC Rate decision on Wed & Non-Farm Payrolls on Friday
- Heavy week of earnings ahead including reports from AAPL, AMZN, MA, AMD, COIN & NET.
- Global event risk is high
- Sell in May effect in play.
- RSI 47.37| VIX at 15.02 | 10 year 4.66%
