NAS/QQQ Weekend Look (May 30-Jun3)
Here is the weekend look at the Nasdaq 100 going into the trading week of May 30th - June 3rd. Switching to a point form format to speed up the posting process
SUMMARY
• Positive 7.0% move last week
• 1st Weekly close above the previous week’s high in 8 weeks
• Move made on relatively low volume.
• Move made at the long term 382 Fib Retracement level and completion of compound correction.
• PCE data pointed toward possible weakening of inflation
• Price still below Neutral and the ema cloud
• Bias remains Bearish
• Non Farm Payrolls this week
• BOC rate decision this week
WEEKLY EVENTS
Monday US Markets Closed
Tuesday Eurozone CPI, Canadian GDP & US CB Consumer confidence
Wednesday BOC rate decision & US ISM Manufacturing
Thursday US Jobless Claims & US EIA Crude Inventories
Friday US Non Farm Payrolls, US Average earnings ;& US Unemployment rate.
NOTABLE EARNINGS
Monday
Tuesday APPS, HPQ, CRM, TCOM, VSCOq
Wednesday WB, CHWY, ESTC, GME, HPE, MDB, PSTG, VEEV
Thursday HRL, CRWD, LULU, PD, RH
Friday CHPT
BULLISH NOTES
1st Weekly close above previous week’s close
Potential bullish momentum
Potential positive payroll data
Potential drop in 10 year yields
Any dovish commentary from Fed
Market still oversold
BEARISH NOTES
Price at overhead resistance (bottom of Neutral box)
10 year yields may resume uptrend
Continued upward pressure on Oil
Any data that points to increased inflation
Any hawkish commentary from Fed
Potential for aggressive action by China on Taiwan
SUMMARY
• Positive 7.0% move last week
• 1st Weekly close above the previous week’s high in 8 weeks
• Move made on relatively low volume.
• Move made at the long term 382 Fib Retracement level and completion of compound correction.
• PCE data pointed toward possible weakening of inflation
• Price still below Neutral and the ema cloud
• Bias remains Bearish
• Non Farm Payrolls this week
• BOC rate decision this week
WEEKLY EVENTS
Monday US Markets Closed
Tuesday Eurozone CPI, Canadian GDP & US CB Consumer confidence
Wednesday BOC rate decision & US ISM Manufacturing
Thursday US Jobless Claims & US EIA Crude Inventories
Friday US Non Farm Payrolls, US Average earnings ;& US Unemployment rate.
NOTABLE EARNINGS
Monday
Tuesday APPS, HPQ, CRM, TCOM, VSCOq
Wednesday WB, CHWY, ESTC, GME, HPE, MDB, PSTG, VEEV
Thursday HRL, CRWD, LULU, PD, RH
Friday CHPT
BULLISH NOTES
1st Weekly close above previous week’s close
Potential bullish momentum
Potential positive payroll data
Potential drop in 10 year yields
Any dovish commentary from Fed
Market still oversold
BEARISH NOTES
Price at overhead resistance (bottom of Neutral box)
10 year yields may resume uptrend
Continued upward pressure on Oil
Any data that points to increased inflation
Any hawkish commentary from Fed
Potential for aggressive action by China on Taiwan
Comentarios:
Rejected the top of the Neutral in the overnight session. Good chance for a re-test of the 21 ema.
Comentarios:
Re-tested the 21 ema yesterday morning and then re-tested the Bottom of the Neutral today. So sideways consolidation right now. Needs to break one of the two key pivots (red arrow) to find direction.
Comentarios:
Price tapped the 21 ema a second time yesterday as expected giving 150 point bounce. Currently price is flagging in a channel. If the 21 ema fails a move down to the green box is possible. If price can break above the recent high through the bottom of the Neutral a move up to the 55 ema at 13150 is possible.
