$QQQ Analysis, Key Levels & Targets for Today & Tomorrow

We got smacked here by the top of the channel.

I will dive much more deeply into these levels on tonight's video, but for now we at least have them for the day.



Things to Watch this Week:
Earnings Reports: Major companies like Netflix (NFLX), Johnson & Johnson (JNJ), Procter & Gamble (PG), United Airlines (UAL), General Electric (GE), Alaska Air (ALK), American Airlines (AAL), CSX Corporation (CSX), Verizon (VZ), HCA Healthcare (HCA), and American Express (AXP) are set to release their earnings. These reports can significantly influence market sentiment and stock prices.

Manufacturing PMI: The Purchasing Managers' Index (PMI) for manufacturing will provide insight into the health of the manufacturing sector. A reading above 50 indicates expansion, while below 50 suggests contraction. This data can influence expectations about economic growth and interest rates.

Services PMI: Similarly, the Services PMI will give an overview of the service sector's performance. Given the service sector's substantial contribution to the economy, this data is critical for understanding overall economic trends.

Home Sales: Data on existing home sales can shed light on consumer confidence and spending in the housing market, which is a major component of economic activity. Changes in home sales can signal shifts in economic health.

Jobless Claims: Weekly initial jobless claims numbers are a pulse check on the labor market. Rising claims might indicate economic slowdown, while falling claims suggest job growth and economic strength.

Market Volatility: The CBOE Volatility Index (VIX) has been noted to be fluctuating, which might continue this week. Monitoring the VIX can help assess market fear or complacency.
Interest Rate Sensitivity: With the Federal Reserve’s actions on interest rates being a focal point, any indication of future policy direction from Fed officials' speeches or economic data releases could sway markets. Look for comments from Fed members or economic reports that might hint at rate adjustments.

Sector Performance: Particularly, keep an eye on sectors like Technology (with companies like Nvidia potentially leading AI trends), Health Care, and Consumer Discretionary, which have shown movements or are expected to with upcoming earnings.

Global Economic Indicators: International developments, especially from major economies like China or the Eurozone, can impact U.S. markets due to globalization. Look for news on global manufacturing, services, or policy changes that could affect investor sentiment.
Geopolitical Events: Although not directly mentioned in recent market summaries, geopolitical tensions or developments, like trade negotiations or conflicts, can influence markets. Keep an ear out for any significant international news that might ripple through financial markets.