Market continued to push higher for the 3rd week in row, but stalled out on Wednesday at pivot resistance. NQ pausing at the Sept 1st high while the ES has stalled out at the Aug 16th high. Mega cap stocks also at point of resistance. Makes sense for a pause or pull back here but bullish trend has been strong and spike move higher due to panic buying and short covering is possible.
SUMMARY
SUMMARY
- NQ finished the week with a gain of 1.87% after trading in a range of 561 pts.
- NQ finished its 3rd positive week in a row on weaker than expected CPI data
- EMAs are stacked
- NQ in the bull zone
- Small Caps showing strength as Russel 2000 closed up 5.43%
- ATH within striking distance, but consolidation or pullback possible has price is at pivot resistance
- First resistance is 886 Fib RT (16000)
- First support is 786 Fib RT (15779)
- Sept 1st high can be used as near term bull/bear line.
- Shortened trading week ahead with markets closed on Thursday for US Thanksgiving.
- NVDA & LOW earnings on Tuesday
- FOMC minutes released this week as well as Existing Home Sales and Flash PMI,
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Comment:
So the plan of focusing long above the Sept 1st high has worked. Price rejecting a bit around the 886 Fib now. Below the the 886 I'm bearish above it bullish. Downside target would be the Sept 1st high. Upside target would be the July 19th high.
