Here is my NQ chart with levels to watch for the coming week. Strong finish on Friday, but now at one of my resistance levels. As with the ES chart I have reduces my long exposure and will wait for confirmation of price continuation. So far the NAS has pushed higher on the back of the mega caps. It would be nice to see the strength in small cap tech continue to show the strength we saw on Friday. I would expect some consolidation at this point, but the market will do what it wants. I believe there was some short covering last week with the break of the Aug 5th high. Often these breakouts can cause price vacuums when the short covering slows down and new buyers wait for a pull back.
Worth noting that we are closing in on the end of the month and Jobs data and PMI comes out this week.
Worth noting that we are closing in on the end of the month and Jobs data and PMI comes out this week.
코멘트:
Non Farms are out. whipsaw reaction. Just watching the box. for a break above or below although it may chop inside the box going into the weekend after a big move up. Doesn't necessarily need to do anything.
Here is a chart with an adjusted neutral. Above the neutral (tan box) I stay bullish.