Here are my levels for the week. I have been really busy outside trading so I have not been able to post many updates. I continue to trade these levels a few hours every morning. Treat the levels as as support, resistance or targets.
The market is currently trading in a large consolidation pattern with large daily ranges. The levels noted are the one are I feel are the most important for the week. If a level breaks. Look for a move to the next level.
SUMMARY
The market is currently trading in a large consolidation pattern with large daily ranges. The levels noted are the one are I feel are the most important for the week. If a level breaks. Look for a move to the next level.
SUMMARY
- NQ posted a 1.06% gain last week after trading in a 664 pt range.
- NQ held the previous week's high and pushed back above the 2021 high.
- R2 = LTF 786 Fib RT (18355)
- R1= LTF 618 Fib RT (18082)
- S1 = 2021 High/55 ema (19957)
- S2= 21 ema (17851)
- Bias has flipped bullish to sideways now that price has reclaimed the 2021 high.
- Compound corrective move down to 200 sma/lower trendline support is still possible if price fails to hold 2021 high.
- Limited week of econ data but many Fed heads speaking.
- Earnings continues with reports from growth stock including UBER, LYFT, SHOP, TTD, ABNB, MARA, RIVN, PLTR & CELH.
- Sell in May effect in play.
- RSI 52.840| VIX at 13.48 | 10 year 4.66%
Comment:
NQ has rejected at the downward trendline. Now sitting on the lower time frame 618 Fib. If support fails at the 618 a move down to the 2021 high again is likely. If support holds at the 618 look for a move back up to the trendline. A break above the trendline makes a move to the 786 Fib likely.
