NQ/QQQ Weekend Look (Oct25-29)
Here's the look going into the week of Oct 25-29. Last week took above the neutral and up to the 786 with some very bullish price action. Friday gave us weak pull back which has recovered some what in the overnight session. It feels as if its setting up for a run through the 886 to the ATH. The main catalyst being the mega cap earning coming out this week. The reaction to the earnings from big names like AAPL, FB, MSFT, GOOGL, AMZN ext should set the tone and drive the narrative.
I have drawn out a bearish harmonic that is also in play completing at the 1.13. I am treating this as a target zone not an area to short. On the bull side I tend to use these levels as targets because they can draw price up. If price can break through the 1.13 I would see that as very bullish with a potential move up to 1.618. If the market decided to pull back further before a run up look the black dotted line below and the neutral should are potential bounce points.
I have drawn out a bearish harmonic that is also in play completing at the 1.13. I am treating this as a target zone not an area to short. On the bull side I tend to use these levels as targets because they can draw price up. If price can break through the 1.13 I would see that as very bullish with a potential move up to 1.618. If the market decided to pull back further before a run up look the black dotted line below and the neutral should are potential bounce points.
Kommentar:
Euphoric move continues. 3 weeks up and at all time highs. Normally would expect a pull back at the ATH but the markets is continuing to ride the mega names into earnings. Expecting final push this afternoon on AAPL and AMZN. Could see a run up to the 1.13 then a sharp correction. I the market does not correct at the 1.13 expect a much higher push.
Kommentar:
Potential false breakout here for NAS.. All hinges on AAPL.
Kommentar:
Despite the poor reaction to the AAPL and AMZN earnings reports the NAS managed to break the ATH and push right up to the 1.13 closing just below it. If I was shorting the bearish harmonic this is the setup I would like to see. Panic buying and short covering into the completion zone. Usually makes for a price vacuum below and at least a temporary drop. That said I would not want to short until a topping pattern forms on the lower time frames. The market is euphoric and has ignored fib and technical levels on the way up. This may continue right into the FED meeting next week. 16000 within striking distance.
