Stock Market

NQ/QQQ Weekly Levels (Nov28-Dec2) for CME_MINI:NQ1! by WadeYendall

The Nasdaq closed the week up a modest .64% after trading in range of 400 points. Price spent another week in a condensed range on low volume due to the Thanksgiving holiday. The Nasdaq continued to hold the upper third of the explosive move on Nov 10th. Expect higher volatility next week due to a slew of economic data and a speech by Powell. Key data to watch will be GPD on Wed, PCE prices on Thurs and Non Farm Payrolls on Friday. The Nasdaq is now about 750 points below the downward trend line and 200 SMA . This zone may continue to be price magnet. One factor to consider is that the S&P has already came within 10 pts of its 200 sma . A reversal of the S&P at it’s 200 sma would likely bring both indexes down. Potential decision point week ahead.

• Coming off low volume tight range week

• Nasdaq 750 points below key resistance (200 sma /downward trendline)

S&P currently at key resistance

• Heavy week of economic data (GDP, PCE & Non Farm Payrolls)

• JPOW speaks on Wednesday

• Santa Rally will be top of mind

• Last day of the month is Wednesday

• Massive short covering rally possible above 200 SMA

• Massive down move potential if S&P rejects at the 200 SMA

• Notably low VIX… Below 20 has been good time to take profits

• Fed Heads have softened their Hawkish tone

DXY and Yields have dropped significantly

WEEKLY EVENTS

Monday Fed’s Bullard & Williams speak

Tuesday Canadian GDP & US CB Consumer Confidence

Wednesday US GDP, US ADP Payroll, US PCE Prelim, US EIA Crude & Fed’s Powell speaks

Thursday US PCE, US Initial Jobless Claims, US Consumer Spending, US ISM Manufacturing & Fed Heads speak

Friday US Unemployment Rate & Non Farm Payrolls

NOTABLE EARNINGS

Monday ARWR , PDD

Tuesday BHP , BILI , CRWD , HPE , INTU , WDAY

Wednesday CRM , HRL , NTNX , OKTA , PSTG , SNOW, XPEV

Thursday DG, KR , MRVL , ZS

Friday Nothing notable

BULLISH NOTES

Nasdaq above 9/21/55 ema

200 SMA within striking distance

Less hawkish tone from Fed heads

Massive short covering possible above 200 sma

Santa Rally top of mind

DXY & yields may continue to drop

Potential positive reaction to Powell & econ data

Any sign of dropping inflation could send NQ higher

BEARISH NOTES

S&P at resistance and may reject pulling NQ down

DXY & yields may reverse higher

Potential negative reaction to JPOW

Potential negative reaction the econ data

Many market participants expect reversal soon

Any sign of increased inflation could send NQ lower

VIX at 20 or below tends to be good time to take profits

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