Market pushed higher again last week. The NQ made a new ATH daily close on Wed & the ES pushed through the Mar 29th high. Momentum stalled at the end of the week as traders trimmed longs on weak guidance from INTC and positioned for a big week of data & earnings ahead. This week Megacaps (GOOGL, META, MSFT, AMZN) are schuduled to report, the FOMC wil make its rate decision on Wed & Nonfarm Payroll data wil be released on Friday.
SUMMARY
SUMMARY
- ES finished the week with a gain of 0.86% after trading in a range of 64 pts.
- ES closed above the Mar 29th high & the 1.272 X.
- ATH clearly in play
- Topping pattern has started to form on the 1H and 4H with RSI divergence
- Pull back to Mar 29th high and upward trendline likely if topping pattern confirms.
- If topping pattern fails to break look for an upside move to the ATH.
- Huge week of earnings ahead with reports from AAPL, META, MSFT, AMZN & AMD.
- FOMC rate decision on Wed & NFP on Friday
- Outsized move risk is high this week so postion accordingly.
- RSI 69.55 VIX at 13.31 | 10 year 4.13%
