NQ/QQQ Weekly Levels (Oct2-6)

SUMMARY

• NQ finished the week with a gain of 0.10% after trading in a range of 467 pts.
  
• NQ flushed below the Aug 18th low but closed the week above it.
  
• NQ is trading below the 9/21/55 emas
  
• Price is still above the HTF 618 Fib but has broken the upward trendline.
  
• Most sectors closed down to flat but the XLE finished up 1.2 % and XLU closed down 6.9%.
  
• 10 year bond yields are trading above the 2008 high at 4.57%.
  
• NQ closed the month of Sept down 5.34%.
  
• NQ completed almost a full compound correction into the Aug 16th high.
  
• Many Fed Heads speak this week and there is Non-Farm Payrolls on Friday
  
• Beginning of new month. Oct has been seasonally stronger month than Sept the last 10 years.
  

ECONOMIC EVENTS

• 
  
• MON US S&P PMI, US Construction Spending & Fed's Powell + 5 Fed Heads speak
  
• TUES US JOLTS Job Openings & Fed's Bostic speaks
  
• WED US ADP Employment, US PMI, US Factory Orders & EIA Crude Inventories + Fed's Goolsbee and Bowman
  
• THUR US Trade Balance, US Initial Jobless Claims & Fed's Mester, Daly & Barr speak
  
• FRI US Unemployment Rate, US Average earnings & US Non Farm Payrolls.
  

EARNINGS

• MON Nothing notable
  
• TUES MKC
  
• WED Nothing notable
  
• THUR LEVI, LW, STZ
  
• FRI Nothing notable
  

BULLISH NOTES

• NQ held the Aug 18th low
  
• NQ remains in the long term bull zone. Above higher time frame 618 Fib RT.
  
• Potential bounce from compound correction.
  
• Oct is a seasonally stronger month that Sept.
  
• Long term up trend remains in place if pull back stays above 50% Fib RT
  
• Potential positive reaction to Non Farm Payrolls and Fed head speeches.
  
• Potential bounce back to the 21/55 emas.
  
• 
  

BEARISH NOTES

• NQ now below 9/21/55 emas
  
• Price has broken the upward trendline
  
• Potential full compound correcton to the Aug 16th high
  
• A move below the Aug 16h high would drop price out of the bull zone.
  
• Potential negative reaction to Non-Farm Payroll and Fed Head speeches
  
• 10 year yield has moved above 4.30%
  
• 200 SMA is now a potential downside magnet
  
• 
  

Comment:

$NQ_F consolidated above the Aug 18th Low on Monday getting held up by the mega caps. Today there has been no follow through. Price has broken below the Aug 18th Low which is bearish. Spiking yields stressing the entire market. Potential retest of last week low and possible full compound correction to the Aug 16th high if price can not reclaim the Aug 18th low.

Comment:

$NQ_F Tested last week low and bounced back above the Aug 18th low. Currently trading in a large sideways consolidation zone. May trade in this range untill Non-Farm Payrolls tomorrow. NQ cannot trend until outside the box. Key levels remain the same.