NAS/QQQ Weekend Look (Nov15-19)
Here is the Weekend Look going into Nov 15-19. Last week the NAS finally pulled back after 4 strong weeks of uptrend after the CPI number printed higher than expected inflation data. The 10 yield reversed and sent tech stocks down 3%. Price bounce nicely from the first support zone identified in last weekend's post(see Weekend Look Nov 8-12), but failed to break the previous week's high. This gave us the first inside week close since the Oct 4th low.
This week the key levels to watch will be price action around the previous week's high and low. The red and green boxes represent potential targets zones if either level is broken. Above price targets would be the fib extensions past the ATH. Below look for a compound correction into the top of the neutral. As always uptrend is intact until the bottom of the neutral zone is broken to the down side.
The market continues to give mixed signals, but the odds favour a continued run higher into year end.
Bullish notes.
Stronger than expected earnings
Accommodative Fed
Seasonal Santa Claus Rally
Inflation favours stocks
Bearish notes.
Rising 10year yield.
Build Back Better Bill stalls
Powell not reinstated
Black Swan
Things to watch
Earnings from NVDA,LCID,RIOT,M,BJ,TJX,WMT,HD,TSN,NET,LOW,.
Includes many highly watched names plus retailers that may give some insight into inflation data.
Also a slue of China names BABA,JD,BILI, BIDU.
Tues... Retail Sales & Industrial production
Wed... Housing starts & Crude inventory
Thur...Jobless claims
This week the key levels to watch will be price action around the previous week's high and low. The red and green boxes represent potential targets zones if either level is broken. Above price targets would be the fib extensions past the ATH. Below look for a compound correction into the top of the neutral. As always uptrend is intact until the bottom of the neutral zone is broken to the down side.
The market continues to give mixed signals, but the odds favour a continued run higher into year end.
Bullish notes.
Stronger than expected earnings
Accommodative Fed
Seasonal Santa Claus Rally
Inflation favours stocks
Bearish notes.
Rising 10year yield.
Build Back Better Bill stalls
Powell not reinstated
Black Swan
Things to watch
Earnings from NVDA,LCID,RIOT,M,BJ,TJX,WMT,HD,TSN,NET,LOW,.
Includes many highly watched names plus retailers that may give some insight into inflation data.
Also a slue of China names BABA,JD,BILI, BIDU.
Tues... Retail Sales & Industrial production
Wed... Housing starts & Crude inventory
Thur...Jobless claims
Comment:
Trying to break the large triangle.
Comment:
The NAS was bullish all week led by AAPL and some of the other mega caps like AMZN. Price blew through the 1.13 and finished the week in the target zone (red box). Now sits at the longer term 1.618 fib resistance. I will post the level on my weekend look chart.
A very strange close to the week on the tech side with the indexes and large caps outperforming by a extremely wide margin. On the opposite end small cap growth names got absolutely obliterated. It is very rare for the smaller cap names not to be pulled up with the broader market. Entering unknown territory here. We will see how it plays out next week.
A very strange close to the week on the tech side with the indexes and large caps outperforming by a extremely wide margin. On the opposite end small cap growth names got absolutely obliterated. It is very rare for the smaller cap names not to be pulled up with the broader market. Entering unknown territory here. We will see how it plays out next week.
