NQ Weekly Levels (Dec18-22)
The market broke out of its three-week consolidation above the July high following dovish comments from Powell and the possibility of three rate cuts next year. The ES and NQ are now only 5% off all-time highs and have recovered almost all their losses from 2022. The rally has broadened as small and mid-caps played catch-up into the end of the year, posting strong weekly gains. All-time highs are now a possibility heading into the end of the year.
SUMMARY
SUMMARY
- NQ finished the 7th week of gains up 3.14% after trading in a range of 610 pts.
- NQ broke out above the July high and starts the week at 886 Fib resistance (16832)
- NQ up 17% since Oct low and within 5% of ATH
- NDX at less 1% from ATH
- 1st Support at 9 ema (16564)
- Above the 886 Fib upside targets are the Jan 12th high, 1.272 Fib X and ATH.
- Below 9 ema the downside targets are the July 19th high, 21 ema and March 29th high
- Broad market strength continued with XLRE, XLI, XLB, XLY & XLF all making 3% plus gains last week.
- Econ data this week includes PCE, Durable goods, Consumer conf & GDP.
- Small & Mid cap showing relative strength
- Bullish setup into year end but pull back likely as price is overbought
- RSI 73 | VIX at 12.27 | 10 year 3.91%
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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.