NQ Weekly Levels (Apr21-26)

22 Apr 2024

Here are my levels after a few weeks off. Bullish trend was broken with the drop below the upward trendline. Now trading below key emas. Green box represents important support as price pulls back to key fibs and the 200 sma. Watch for outsized move in either direction due to option volatility. Bounce back into the ema cloud or break of support are equally possible.

SUMMARY

• NQ posted a 5.47% loss last week after trading in a huge 1236 pt range.
  
• NQ closed below the 2021 high & the 9/21/55 emas.
  
• R2 = MTF 236 Fib RT (17644)
  
• R1= Dec 29th High (17415)
  
• S1 = MTF 382 Fib RT (17016)
  
• S2= 200 SMA (16770)
  
• Bias is down to sideways as upward trendline has been broken.
  
• 200 SMA price magnet in play
  
• Strong bounce from 200 sma/ trendline support is possible
  
• Econ data this week includes PMI on Tues, GDP on Thurs & PCE on Friday
  
• Huge week for earnings with Mega caps reporting including MSFT, TSLA, GOOGL & META.
  
• Global event risk is high
  
• Rate sentiment has changed from rate cut to rate hold or raise due to persistant inflation.
  
• RSI 28.76| VIX at 18.70 | 10 year 4.62%
  

23 Apr 2024

Nota

We are seeing an early week bounce in NQ. The oversold move has sucked buyers in. A corrective move back up into the 9 ema is likely. Still a risk of price rolling over as the 382 Fib RT was never touched. Bulls want to see price re-establish above the 2021 high.