As I mentioned at the weekend, technology is not dying! All these companies in QQQ will become even stronger than before. And from the daily chart it tells the same story.
Therefore, I will be looking at some buying opportunities for QQQ players, but it might be a little tracky.
From the 15 mins chart, QQQ has already extended from 8&21 EMAs, if the market opens lower but above 281ish, it might be a good entry point. However, the main 15 mins level is 280ish.
Earnings week ahead: Cloud software giants and America’s second-largest homebuilder headline an otherwise light schedule of earnings reports due out for the second full week of December. Oracle (NYSE:ORCL), Coupa Software (NASDAQ:COUP) and Adobe (NASDAQ:ADBE) will attract a great deal of attention as investors seek to understand software industry dynamics going into 2023. Additionally, homebuilder Lennar (NYSE:LEN) is due to report only a week after strong results from fellow industry player Toll Brother (TOL). Meanwhile, Darden Restaurants (DRI), an owner of various casual dining chains, is also on the docket.
Economic reports in the week ahead: Two of the biggest economic events that remain for 2022 hit the calendar next week, with the November CPI report and Federal Reserve meeting having the potential to set the tone for the remaining three weeks of the year. While a mild CPI print is not anticipated to jolt the Fed away from its hawkish stance, a flat reading or surprise to the upside could reset expectations for investors out in front of their skis for betting on an inflation peak.
Talking about set ups, I will be looking at MRK, NEE short and some tech buys like AMZN.
NEE 15 mins shows a little bit extension, therefore, need to wait for market open 5, if bounced back to 85.1ish, might be a very nice short entry point. Estimate target 82.5ish, stop loss 86.41 or 86.01.
Please feel free to express your ideas and thoughts in the comment section.