NQ/QQQ Weekly Levels & Trade Prep. (Apr24-28)
More of the same as levels remain from last week. The market has been in range. It is important to recognize when the market is trending and when it is sideways. Expect sideways until something breaks.
Treat the Feb 2nd high as your bull/bear line. Sell the top and buy they bottom of the range until the pattern changes.
SUMMARY
• Nasdaq posted a 0.94% loss last week after trading in a tight range of 312 points.
• Price traded below the 9 ema but remained above the 21/55 emas & 200 sma.
• NQ successfully re-tested the 21 ema 2nd time in 2 weeks.
• NQ has been consolidating at the Feb 2nd high for 3 weeks
• Strongest sectors to close the week were XLP, XLU & XLRE. Weakest were XLE & XLC
• Tight NQ range is poised to finally break one way or the other
• Key catalyst potential from big earnings week & PCE data on Friday
• Heavy week of earnings include reports from CVX, XOM, MSFT, GOOGL, AMZN, NOW, ROKU, NET, MCD, BA, ABBV, META, TDOC, AAL, LUV, MA & V.
• Key support and resistance zones remain the same as last week.
• Bearish Harmonic still in play with completion at 13640.
• Still in a historically bullish period for stocks
WEEKLY EVENTS
Monday Nothing Notable
Tuesday US CB consumer Confidence & US New Homes Sales
Wednesday US Durable Goods, EIA Crude Oil Inventories & BOC Minutes
Thursday US Jobless Claims, US GDP advance & US PCE Advance
Friday US PCE data, Consumer Spending & Canadian GDP
NOTABLE EARNINGS
Monday ADNS, CLF, KO, CNI
Tuesday ADM, BIIB, BYD, DOW, ENPH, FISV, GE, GLW, GM, GOOGL, HAL, ILMN, JNPR, KMB, MCD, MMM, MSFT, NVS, PCAR, PEP, PHM, RTX, SPOT, TXN, UBS, V, VZ
Wednesday ADP, AFL, ALGN, AWK, BA, BSX, CP, CVE, EBAY, EW, HLT, HP, MAT, META, NOW, OC, ODFL, OTIS, ROKU, RJF, TDOC, TECK, TER, WH, WM
Thursday AMZN, AAL, ABBV, AEM, AMGN, ATVI, AYX, AZN, BMY, BTU, CARR, CAT, CHD, CROX, DGX, DLR, DPZ, FSLR, HAS, HOG, HON, HSY, INTC, LLY, MA, LUV, MDLZ, MO, MRK, NEM, NET, NOC, PINS, SKX, SNAP, TAL
Friday CL, CVX, XOM, WPC
BULLISH NOTES
NQ held Feb 2nd high
Bullish consolidation at recent high
Price above 21/55 ema and 200 SMA
50 SMA is above the 200 SMA
Harmonic completions zone at 13604 may act as magnet
Now within Longer term Fib neutral zone.
Dropping yields and USD
Potential positive reaction to Earnings & PCE data
Historically bullish period for stocks
Heavy week for earnings
BEARISH NOTES
Opening week still below 786 Fib resistance
Potential negative reaction PCE on Friday
Potential negative reaction to earnings
Potential rise in OIL prices will increase inflation
Momentum concentrated in a small number of stocks
Potential hard reversal at harmonic completion zone (13604)
Yields and the USD close to support and may reverse trend
Dropped below the 9 ema
Treat the Feb 2nd high as your bull/bear line. Sell the top and buy they bottom of the range until the pattern changes.
SUMMARY
• Nasdaq posted a 0.94% loss last week after trading in a tight range of 312 points.
• Price traded below the 9 ema but remained above the 21/55 emas & 200 sma.
• NQ successfully re-tested the 21 ema 2nd time in 2 weeks.
• NQ has been consolidating at the Feb 2nd high for 3 weeks
• Strongest sectors to close the week were XLP, XLU & XLRE. Weakest were XLE & XLC
• Tight NQ range is poised to finally break one way or the other
• Key catalyst potential from big earnings week & PCE data on Friday
• Heavy week of earnings include reports from CVX, XOM, MSFT, GOOGL, AMZN, NOW, ROKU, NET, MCD, BA, ABBV, META, TDOC, AAL, LUV, MA & V.
• Key support and resistance zones remain the same as last week.
• Bearish Harmonic still in play with completion at 13640.
• Still in a historically bullish period for stocks
WEEKLY EVENTS
Monday Nothing Notable
Tuesday US CB consumer Confidence & US New Homes Sales
Wednesday US Durable Goods, EIA Crude Oil Inventories & BOC Minutes
Thursday US Jobless Claims, US GDP advance & US PCE Advance
Friday US PCE data, Consumer Spending & Canadian GDP
NOTABLE EARNINGS
Monday ADNS, CLF, KO, CNI
Tuesday ADM, BIIB, BYD, DOW, ENPH, FISV, GE, GLW, GM, GOOGL, HAL, ILMN, JNPR, KMB, MCD, MMM, MSFT, NVS, PCAR, PEP, PHM, RTX, SPOT, TXN, UBS, V, VZ
Wednesday ADP, AFL, ALGN, AWK, BA, BSX, CP, CVE, EBAY, EW, HLT, HP, MAT, META, NOW, OC, ODFL, OTIS, ROKU, RJF, TDOC, TECK, TER, WH, WM
Thursday AMZN, AAL, ABBV, AEM, AMGN, ATVI, AYX, AZN, BMY, BTU, CARR, CAT, CHD, CROX, DGX, DLR, DPZ, FSLR, HAS, HOG, HON, HSY, INTC, LLY, MA, LUV, MDLZ, MO, MRK, NEM, NET, NOC, PINS, SKX, SNAP, TAL
Friday CL, CVX, XOM, WPC
BULLISH NOTES
NQ held Feb 2nd high
Bullish consolidation at recent high
Price above 21/55 ema and 200 SMA
50 SMA is above the 200 SMA
Harmonic completions zone at 13604 may act as magnet
Now within Longer term Fib neutral zone.
Dropping yields and USD
Potential positive reaction to Earnings & PCE data
Historically bullish period for stocks
Heavy week for earnings
BEARISH NOTES
Opening week still below 786 Fib resistance
Potential negative reaction PCE on Friday
Potential negative reaction to earnings
Potential rise in OIL prices will increase inflation
Momentum concentrated in a small number of stocks
Potential hard reversal at harmonic completion zone (13604)
Yields and the USD close to support and may reverse trend
Dropped below the 9 ema
Comment:
As mentioned in the notes. Playing the edge of the range is the play until something breaks. Another sharp retracement off the lows today.
Comment:
Something broke yesterday with low of range getting taken out. $NQ_F has managed to reverse the move and is back within the top green box TBD if the reversal was just short covering after earnings or a false break down. Move below yesterdays low would make a move down to the upward trend line likely. A move back above the Feb 2nd high would be very bullish.
Comment:
$NQ_F Bottom of the green box eventually held after a few tests below. Now working on breakin back above the Feb 2nd high. Must break though for bullish continuation. Potential for hard reversals of any move. Very much a ranging sideways market still.
Comment:
It has been frustating back and forth price action but the Bearish Harmonic completion is still in play. Completion at 886 fib. 13640.
