NQ/QQQ Weekly Levels (Oct31-Nov4)
The Nasdaq closed the week up 2.01% after trading in a 800 pts range. During a highly volatile week price started the week pushing up into the 55 ema and the Oct 6th pivot where it reversed hard and fell 800 pts to retest the June 16th low only to reverse once again on Friday and close near the highs of the week. The massive bullish reversal can be attributed to rumours that the Fed will add the word ‘Pivot’ to their statement during the FOMC meeting next Wednesday. Bull/Bear line this week = 55 ema (11740).
• Nasdaq coming off massive intra week bullish reversal
• Market suspects Fed pivot
• FOMC rate decision and statement on Wednesday
• Earnings for many small/mid cap companies this week
• Nasdaq above June 16th low & 9/21 emas
• Key level this week = 55 ema at 11740
• Inverse H&S in play
• Test of downward trendline possible (12400)
• Bullish period for stocks has begun
• Markets historically strong following Mid Term elections
• VIX has dropped to 25
WEEKLY EVENTS
Monday Eurozone CPI & US Chicago PMI
Tuesday US ISM Manufacturing PMI, US JOLTS
Wednesday FOMC Statement & Rate Decision, US EIA Crude
Thursday BoE Rate Decision, US International Trade & US Initial Jobless Claims + Factory Orders
Friday US Unemployment Rate & US Non-Farm Payrolls
NOTABLE EARNINGS
Monday AWK, CAR, AFL, XPO, LEG, PSMT, SYK
Tuesday ABMD, BP, CIGI, ETN, LLY, KKR, MPC, PFE, NEM, PBI, SOFI, UBER, AMD, ABNB, AYX, CZR, CHK, CLX, DVN, EIX, EA, MDLZ, MCK, WU
Wednesday BIP, GOOS, CVE, CVS, EMR, EL, RACE, EXPI, HUM, NCLH, SABR, UAA, YUM, ZBH, ACAD, CDAY, EBAY, ETSY, FSLY, FSR, FTNT, MRO, MET, MGM, NTR, QCOM, ROKU, SU, RUN, TNDM, ZG
Thursday ADT, BCE, CNQ, CI, COP, CROX, DDOG, NTLA, K, MAR, MRNA, PZZA, BTU, PTON, RCL, SHAK, REGN, QSR, TNK, TEVA, W, ZTS, AMGN, TEAM, BIGC, SQ, BE, CVNA, NET, COIN, DASH, DBX, EXAS, EXPE, ILMN, KTOS, MNST, MCHP, PYPL, PGNY, SBUX, SWKS, TWLO, SPCE, YELP
Friday BEP, D, DKNG, ENB, HSY, MGA, TU, WPC
BULLISH NOTES
Above 9/21 emas
Above June 16th low
Coming off massive bullish reversal on Friday
Historically bullish period of the year
Historically bullish period following Mid Terms
Inverse H&S in play
Potential drop in yields
Potential drop in USD
BEARISH NOTES
Below 55 ema
Below 382 Fib RT
Potential negative reaction to FOMC
Potential shock event
Potential rise in bond yields
Continued strength in USD
Potential negative reaction to earnings
• Nasdaq coming off massive intra week bullish reversal
• Market suspects Fed pivot
• FOMC rate decision and statement on Wednesday
• Earnings for many small/mid cap companies this week
• Nasdaq above June 16th low & 9/21 emas
• Key level this week = 55 ema at 11740
• Inverse H&S in play
• Test of downward trendline possible (12400)
• Bullish period for stocks has begun
• Markets historically strong following Mid Term elections
• VIX has dropped to 25
WEEKLY EVENTS
Monday Eurozone CPI & US Chicago PMI
Tuesday US ISM Manufacturing PMI, US JOLTS
Wednesday FOMC Statement & Rate Decision, US EIA Crude
Thursday BoE Rate Decision, US International Trade & US Initial Jobless Claims + Factory Orders
Friday US Unemployment Rate & US Non-Farm Payrolls
NOTABLE EARNINGS
Monday AWK, CAR, AFL, XPO, LEG, PSMT, SYK
Tuesday ABMD, BP, CIGI, ETN, LLY, KKR, MPC, PFE, NEM, PBI, SOFI, UBER, AMD, ABNB, AYX, CZR, CHK, CLX, DVN, EIX, EA, MDLZ, MCK, WU
Wednesday BIP, GOOS, CVE, CVS, EMR, EL, RACE, EXPI, HUM, NCLH, SABR, UAA, YUM, ZBH, ACAD, CDAY, EBAY, ETSY, FSLY, FSR, FTNT, MRO, MET, MGM, NTR, QCOM, ROKU, SU, RUN, TNDM, ZG
Thursday ADT, BCE, CNQ, CI, COP, CROX, DDOG, NTLA, K, MAR, MRNA, PZZA, BTU, PTON, RCL, SHAK, REGN, QSR, TNK, TEVA, W, ZTS, AMGN, TEAM, BIGC, SQ, BE, CVNA, NET, COIN, DASH, DBX, EXAS, EXPE, ILMN, KTOS, MNST, MCHP, PYPL, PGNY, SBUX, SWKS, TWLO, SPCE, YELP
Friday BEP, D, DKNG, ENB, HSY, MGA, TU, WPC
BULLISH NOTES
Above 9/21 emas
Above June 16th low
Coming off massive bullish reversal on Friday
Historically bullish period of the year
Historically bullish period following Mid Terms
Inverse H&S in play
Potential drop in yields
Potential drop in USD
BEARISH NOTES
Below 55 ema
Below 382 Fib RT
Potential negative reaction to FOMC
Potential shock event
Potential rise in bond yields
Continued strength in USD
Potential negative reaction to earnings
Comment:
Here is the 4H look at the inverse H&S I mentioned in the post. Very obvious so many traders will be watching this.
Comment:
Found support at the 21 ema on the pull back yesterday. Pushed back to Friday's high overnight. Key resistance above is at the 55 ema. Above that the next level is 12000.
Comment:
30 M look.. Double tap on 21 ema. If it holds look for a move back to the HOD. If it break move down to the June lows again likely.
Comment:
Has worked it way below the 21 ema. Seems to be respecting short term Fib RT so using those level as targets below. Now at the 50 Fib. Next down would be the 618. If price holds the 50 Fib move back up to yesterdays close possible. Expect two way movement into FOMC.
Comment:
Lost a ton of levels after FOMC. Initial spike was rejected then price plummeted through the June 16th low and Oct 27th pivot. Below the 10950 level I am bearish and expecting a test of the Oct 13th low. Above the 10950 level I'm more bullish and would expect a move back to the 21 ema.
