NQ Weekly Levels (Mar18-22)
The market closed red for the second week in a row as traders took profits on persistant inflation and fears that the Fed may not cut as soon as expected. Mag 7 stock weakened and ADBE dropped 13% on Friday. The Russel fell by 2% and OIL stengthened. This week the market look ahead to the FOMC rate decision on Wed.
SUMMARY
SUMMARY
- NQ closed down 1.31% last week after trading in a wide range of 500 pts.
- NQ closed down for the 2nd week in row
- R1 = 21 ema (18221)
- R2 = 9 ema (18295)
- S1 = May 5th Low (18082)
- S2 = 2021 High (17957)
- Bias remains long but choppiness at ATH increases odds of a near term pull back.
- Break below upward trendline would signal potential trend change.
- Potential risk-off and inflationary shift as XLP, XLE & XLB are showing near term strength.
- Mag 7 are showing weakness. ADBE dropped 13% on Friday
- FOMC rate decision on Wed
- Inflation remains persistant. XLE up 3.84 % last week.
- Growth and small caps still under pressure.
- RSI 47.52 | VIX at 14.42 | 10 year 4.31%
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.