Here are my levels. Posting late but today's price action did not change anything after two 150 pt round trips today. Typical going into a Fed rate decision and big earning from AAPL. Market is extended to the downside and due for a hard reversal, howerver price may need a final flush lower through the 382 Fib first.
SUMMARY
SUMMARY
- NQ finished the week with a loss of 2.59% after trading in a range of 775 pts.
- NQ down 7.5 % over the last 3 weeks.
- NQ no longer in the bull zone trading below the HTF 618 Fib RT.
- NQ starts the week at 200 SMA support
- All sectors ended red except XLU that finished the week up 1.21%. Weakest sectors were XLE & XLC
- Mega Caps under pressure led to the downside by GOOGL that finished the week down 9%
- Gold and Bitcoin continued to show strength. BTC trading above 34k and Gold above 2000.
- Rate decision and Fed commentary on Wed
- Heart of earnings season continues with key reports from AAPL, AMD, MCD, COIN, PFE & LLY.
- NQ has completed 3 drives lower and a full compound correction below the Aug 16th high
Comment:
$NQ_F continues to bounce between the 200sma and the Aug 16th high like a ping pong ball. May do this right into FOMC. Best to take quick trades right now even if price breaks the range as the reversals can be harsh and unpredictable.
Comment:
Sorry posted the previous update on the ES chart by accident. Here is a look at the 1 hour from today. Good example how I use my levels. Finally had a break above the Aug 16th high.. Temporary pause at the Sept 27th low then another leg higher after the FOMC to the Aug 18th low. Basically I use my levels as support or resistance until they are not. If the price breaks a level I look for a move to the next level.
If price rejects at a level I look for a move back to the previous level.
If price rejects at a level I look for a move back to the previous level.
Comment:
Micro pause at the Aug 18th low. When levels are broken easily it suggest panic selling or panic buying (short covering). Appears many people caught on the wrong side of the trade today and yesteday. Next upside target is the 55 ema. Caution with longs here as the 30min is very overbought.
Comment:
The 55 ema level was reached then broken after weaker than expected Non Farm payrolls came out. Massive bull move of the lows on Tuesday. The 50% Fib has been touched so expecting some more resistance. Possible spike move into the downward trendline to close the week. The drop in bond yield has changed the market tone considerablely. Price must break the trend line before bullish continuation.
