NQ Weekly Levels (Apr29-May3)

Here are my levels for this the coming week. NQ had a sharp reversal last week bouncing 3.82% after trading down for 4 weeks in a row. Dispite the strong rally the risk of bearish continuation remains high. A rejection at the top of the 1st red box could easily send price into a compound corrective move down to the 200 sma and upward trendline. Much depends on the reaction to FOMC, NFP as well as the earnings reports from AAPL and AMZN.

SUMMARY

• NQ posted a 3.83% gain last week after trading in a 753 pt range.
  
• NQ made V-bottome reversal and closed back above the 9 ema just below the 2021 high.
  
• R2 = LTF 618 Fib RT/55 ema (18082)
  
• R1= 2021 High ( 17957)
  
• S1 = 9 ema (17727)
  
• S2= LTF 382 Fib RT (17705)
  
• Bias is still down to sideways as upward trendline has been broken.
  
• 200 SMA price magnet in play
  
• Compound corrective move down to 200 sma/lower trendline support is possible
  
• FOMC Rate decision on Wed & Non-Farm Payrolls on Friday
  
• Heavy week of earnings ahead including reports from AAPL, AMZN, MA, AMD, COIN & NET.
  
• Global event risk is high
  
• Sell in May effect in play.
  
• RSI 47.37| VIX at 15.02 | 10 year 4.66%