NAS/QQQ Weekly Levels (Jun 27-Jul1)
Here are the key levels I am looking at going in to the final week of June. This week we close out the month and the quarter so keep that in mind as we get closer to Friday.
More data and up dates to follow.
- Starting week after big 7.47% move up
Bias in now Bearish==>Neutral
Price now above 9/21 ema cloud
Currently just below LTF 618 resistance
Still room above as the 55 ema and HTF 382 Fib look attainable
May see pull back to the 21 ema and LTF 382 fib below before moving higher
Jun 16th low still key pivot to the down side
May see some sideways price action going into end of month and a new earnings season.
More data and up dates to follow.
Comment:
Price is working on the test of the 21 ema already. Look for a successful test of that level. If the 21 ema fails the next level down will be the bottom of the fib zone marked with arrow.
Comment:
Came back into the 21 ema and found some buyer in the 12000 area. I see this as short term bullish as buyer are front running a deeper pullback expecting move back to the recent high. I am still expecting a move lower and a flush of the 21 before moving higher. Let's see how it plays out. We still have US GDP and PCE data coming out on Wed. This may keep the market in limbo until then.
Comment:
After price ran up to the 618 we got the pull back to the 21 ema. Price bounced 200 points off the 21 but then got rejected going into the 618 fib again. Price has now lost the 21 ema and is dropping back to the 382 Fib level. I am watching for a bounce there. Good example of how price moves between the fibs and reacts to the emas.
Comment:
Heres the chart
Comment:
Hard sell off continued today. The bottom of the fib zone did not provide much support. Just a small 70 pt bounce. Depending on the data tomorrow I see three possible scenarios playing out. It can can recover from here and and go back up. It can fall to the bottom of the descending wedge and bounce. It can break the bottom of the wedge and complete 3 drives pattern to the 2020 peak.
Comment:
Stuck on the dotted white line for a reason. Checkout the touches on this level in the past. May need to close out the month before the market picks a direction.
Comment:
The overnight and early morning flush has been recovered. It now comes down to whether or not price can reclaim the dotted white line which is the key level identified above. Above = bullish. Below = bearish.
