NQ/QQQ Weekly Levels & Trade Prep (Jul5-7)

Jul 5, 2023

Same levels as last week as price has been consolidating at the 1.272 Fib X resistance. All about the FOMC minutes and Non-Farm this week.

ECONOMIC EVENTS

MON US ISM Manufacturing
TUES US Market Closed
WED US Factory Orders, FOMC Minutes & Fed's Williams Speaks
THUR US ADP, US Trade Bal, US Initial Jobless, US S&P PMI, JOLTS & Fed's Logan spks
FRI US Unemployment Rate, US Non Farm, US Average Earnings

EARNINGS

MON Nothing Notable
TUES US Markets Closed
WED Nothing Notable
THUR Nothing Notable
FRI Nothing Notable

SUMMARY

• NQ finished the week with a gain of 1.75 % after trading in a range of 504 pts.
  
• NQ tested the 21 ema after 5 down days but closed back at the recent high
  
• NQ started the week at 1.27 Fib extension resistance
  
• Shortened trading week with US holiday
  
• Mar 29th pivot high is the first upside target
  
• 1.13 Fib Extension and 9 ema remain first support.
  
• Earning season begins mid July with the big banks.
  
• Bullish trend remains intact above the Aug 16th high. (14246)
  
• FOMC Minutes and Non-Farm wrap up the shorted week.
  
• Buy the dip is back with ATH in play.
  

BULLISH NOTES

• NQ above the Aug 16th high and HTF 618 Fib RT
  
• EMAs are stacked.
  
• ATH is now in play.
  
• Earnings momentum will begin next week
  
• Potential positive reactoin to FOMC Minutes and Non-Farm Payrolls.
  
• TSLA and AAPL have huge whole number targets.
  
• Buy the dip is back in favour.
  
• Market breath has improved.
  

BEARISH NOTES

• NQ opening the week at 1.272 Fib Extension resistance
  
• Potential hard reversal at the Mar 29th pivot
  
• Stoch 5,1 is overbought.
  
• MEGAS are in resistance zones
  
• Potential shock event (War, banks, rate hikes)
  
• Potential negative reaction to FOMC Minutes & Non-Farm Payrolls.
  
• The Aug 16th high breakout point has not been re-tested yet.
  
• Price is stretched from the emas and 200 sma
  

Jul 6, 2023

Comment

NQ_F The 1.272 Fib X is proving to be solid resistance. Price has fallen below the daily 9 ema. Price must reclaim the 9ema for trend continuation. A failure to claim the 9 ema will mean a retest of the 21 ema is likely.

Jul 7, 2023

Comment

NQ_F Battle royal at the daily 9 ema right now post NFP. Market undecided. Above the 9 ema is positve but can't really go hard long until above the 1.272 Fib X resistance. Bearish below the ascending trendline and the 21 ema. Below the 21 a move back to the green box is likely.