NQ/QQQ Weekly Levels & Trade Prep (July10-14)

Jul 10, 2023

SUMMARY

• NQ finished the week with a lost of 0.81 % after trading in a range of 296 pts.
  
• NQ closed below the daily 9 ema
  
• First support is now the daily 21 ema
  
• Price is still above the HTF 618 Fib and Aug16th high
  
• The 1.272 Fib extension proving to be solid resistance.
  
• 10 Year yield broke restistance last week. Now above 4%
  
• Sectore closed flat to down last week
  
• Earnings seasons begins again with banks on Thursday & Friday
  
• CPI data due out Wednesday & PMI Data on Thurs
  

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ECONOMIC EVENTS
MON US Wholesale Inventories, Fed's Barr & Mester Speak
TUES Nothing Notable
WED US CPI, Fed's Barkin, Bostic, Mester & Kashari speak, BoC Rate Decision & EIA Crude
THUR OPEC Monthly Report, US Initial Jobless Claims & US PPI
FRI University of Mich Sentiment

EARNINGS

MON Nothing Notable
TUES Nothing Notable
WED Nothing Notable
THUR DAL, FAST, PEP
FRI C, JPM, STT, UNH, WFC

BULLISH NOTES

• NQ above the Aug 16th high and HTF 618 Fib RT
  
• EMAs are stacked.
  
• ATH is now in play
  
• Potential bounce off 21 ema.
  
• Earnings momentum will begins next week
  
• Potential positive reactoin to CPI & PPI
  
• TSLA and AAPL have huge whole number targets.
  
• Buy the dip is back in favour.
  
• Market breath has improved.
  
• Stoch 5,1 is ovesold
  

BEARISH NOTES

• NQ rejected again at 1.272 Fib Extension resistance
  
• NQ closed below the daily 9 ema
  
• Potential double top at 1.272 Fib resistance
  
• NQ may break below the 21 ema
  
• Potential shock event (War, banks, rate hikes)
  
• Potential negative reaction to CPI & PMI
  
• The Aug 16th high breakout point has not been re-tested yet.
  
• Price is stretched from the emas and 200 sma
  

Jul 11, 2023

Note

NQ_F Tested the 21 ema to start the week and bounced. Must reclaim the 9 ema and break thought the overhead resistant at the 1.272 Fib X for bullish continuation. If NQ fails to hold the 21 a move to the Feb 26th low is likely. A break above the 1.272 X would put the March 29th high in play.

Jul 13, 2023

Note

NQ_F held the 9 ema and broke through 1.272 ristance yesterday. Now looking to hold the June 16th high. Upside target is the June 29 high. If the June 16 high cannot hold a move back to the 9 is likely.

Jul 14, 2023

Note

NQ_F almost at the Mar 29th high. Would expect resistance at this zone. 30 Mn RSI is overbought so expecting at least some sideways consolidation. If price clears the level however the 886 Fib RT is in play. If price pulls back look for support to come in around 15300.