NQ/QQQ Weekly Levels & Trade Prep Mar13-17)
Big week ahead and sadly I will not be in front of the screens as I will be on vacation for a few weeks. My internet access will be limited so my usual updates will be sparse.
Please like and share if you appreciate my work. Thank you.
Trade well and have a good week everybody.
SUMMARY
• Nasdaq posted a 3.25% loss last week after trading in a range of 718 points.
• Price closed back below the 9/21/55 emas & 200 sma.
• All sector ended the week red with XLF dropping 8.50 %
• Significant rejection off Dec 13th high on negative bank news (SVB collapse)
• Potential panic selling event on negative bank news and break of downward trendline.
• Potential short covering event on positive bank news and Fed rate pause.
• A move below the 618 Fib RT (11584) could lead to a re-test of Oct lows
• VIX has broken above key 24 level. Move above 30 could ignite panic selling.
• High volatility = potential for 100% retracement of any vertical move.
• Futures contracts roll to June this week.
• Quad Option expiry this Friday
• CPI data due out Tuesday
WEEKLY EVENTS
Monday Potential $SVB News (Did they get financial support?)
Tuesday US CPI & Fed’s Bowman speaks
Wednesday US Retail Sales, US PPI & EIA Crude Inventories
Thursday Initial Jobless Claims, Housing Starts and ECB Rate Decision
Friday Eurozone CPI, US Industrial Production & University of Mich. Sentiment
NOTABLE EARNINGS
Monday Nothing Notable
Tuesday LEN, MANU, SFTBY
Wednesday ADBE, FIVE, FNV, PATH
Thursday AUY, DG, FDX, WSM
Friday AQN, XPEV
BULLISH NOTES
NQ remains above LT downward trendline
Held the Mar 2nd pivot low
Potential positive new from SVB
Potential positive reaction to CPI
Dropping yields an USD support market
Potential Fed rate pause
BEARISH NOTES
Rejection at Dec 13th Pivot High
NQ back below 9/21/55 emas and 200 SMA
Potential negative news about SVB
Potential negative reaction to CPI
Heavy put buying may pressure market (pile on effect)
Potential break of LT downward trendline.
Please like and share if you appreciate my work. Thank you.
Trade well and have a good week everybody.
SUMMARY
• Nasdaq posted a 3.25% loss last week after trading in a range of 718 points.
• Price closed back below the 9/21/55 emas & 200 sma.
• All sector ended the week red with XLF dropping 8.50 %
• Significant rejection off Dec 13th high on negative bank news (SVB collapse)
• Potential panic selling event on negative bank news and break of downward trendline.
• Potential short covering event on positive bank news and Fed rate pause.
• A move below the 618 Fib RT (11584) could lead to a re-test of Oct lows
• VIX has broken above key 24 level. Move above 30 could ignite panic selling.
• High volatility = potential for 100% retracement of any vertical move.
• Futures contracts roll to June this week.
• Quad Option expiry this Friday
• CPI data due out Tuesday
WEEKLY EVENTS
Monday Potential $SVB News (Did they get financial support?)
Tuesday US CPI & Fed’s Bowman speaks
Wednesday US Retail Sales, US PPI & EIA Crude Inventories
Thursday Initial Jobless Claims, Housing Starts and ECB Rate Decision
Friday Eurozone CPI, US Industrial Production & University of Mich. Sentiment
NOTABLE EARNINGS
Monday Nothing Notable
Tuesday LEN, MANU, SFTBY
Wednesday ADBE, FIVE, FNV, PATH
Thursday AUY, DG, FDX, WSM
Friday AQN, XPEV
BULLISH NOTES
NQ remains above LT downward trendline
Held the Mar 2nd pivot low
Potential positive new from SVB
Potential positive reaction to CPI
Dropping yields an USD support market
Potential Fed rate pause
BEARISH NOTES
Rejection at Dec 13th Pivot High
NQ back below 9/21/55 emas and 200 SMA
Potential negative news about SVB
Potential negative reaction to CPI
Heavy put buying may pressure market (pile on effect)
Potential break of LT downward trendline.
