NQ/QQQ Weekly Levels (Nov27-Dec1)

WadeYendall Updated   
CME_MINI:NQ1!   NASDAQ 100 E-mini Futures
The $NQ_F traded around key resistance during the Thanksgiving shortened week. NQ is locked near the Mid-time frame 886 Fib just below the July 19th high. Market has gained 10% + after making a V-bottom on Oct 26/27th. Makes sense for price to trade sideways to down for a bit.
Santa rally effect still in play going into the new year but tax loss selling season is also upon us so some early Dec weakness is possible.

  • NQ finished the week with a gain of 0.86% after trading in a range of 330 pts.
  • NQ finishes its 4th positive week in a row consolidating below the July 19th high
  • ATH within striking distance, but contintued consolidation or pullback possible has price is at pivot resitance & extended
  • First resistance is July 19th High (16257)
  • First support is the Sept 1st High (15856)
  • A move above the July 19th high makes a move to 16500 likely
  • A move below the Sept 1st High makes a move 15500 likely.
  • Consumer Confidence data due out Tuesday and PCE data due out Thursday.
  • Earnings season winds down with reports from CRWD, CRM, SNOW, ULTA, DLTR & KR
  • Black Friday/Cyber Monday sales to offer insight about US consumer.

$NQ_F pushed to the top of the red resistance zone this morning but has rejected at the recent spike high. This zone is significant resistance and must be respected. A move below the 16000 level would be very bearish. Conversely a move above the July 19th high would be very bullish. Play the range until it breaks.
$NQ_F Sold off on Thursday but bounced sharply 135pts in the last half hour. Likely due to end of month adjustments and window dressing. Price had pulled back to the Sept 1st high exactly. Price is attempting to top. A break below the Sept 1st low likely takes price back to the 21 ema. I am focusing longs above the Sept 1st level and short below. It's Friday and the first day of the month so watch for choppy price action.
Forgot to mention that chop should be expected until Powel speaks later to day at 11am est.
Never a good idea to commit one way or the other before JP talks.


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