NQ/QQQ Weekend Look (8/29) with levels

Here is my NQ chart with levels to watch for the coming week. Strong finish on Friday, but now at one of my resistance levels. As with the ES chart I have reduces my long exposure and will wait for confirmation of price continuation. So far the NAS has pushed higher on the back of the mega caps. It would be nice to see the strength in small cap tech continue to show the strength we saw on Friday. I would expect some consolidation at this point, but the market will do what it wants. I believe there was some short covering last week with the break of the Aug 5th high. Often these breakouts can cause price vacuums when the short covering slows down and new buyers wait for a pull back.
Worth noting that we are closing in on the end of the month and Jobs data and PMI comes out this week.

Comment:

No vacuum for price yet just blue sky. Price move through my resistance level effortlessly. When that happens it tells me there is no profit taking and traders are not fearful of a drop or are getting greedy. Breadth has improved with small/mid caps strengthening but this is very much a mega cap rally so watch the big names for signs of weakness. Until then follow the trend.
Here is a chart with an adjusted neutral. Above the neutral (tan box) I stay bullish.

Comment:

Non Farms are out. whipsaw reaction. Just watching the box. for a break above or below although it may chop inside the box going into the weekend after a big move up. Doesn't necessarily need to do anything.