Monday, May 01, 2023 10:12:44 PM
Week Ahead: May 2, 2023 - $QQQ 330/315 range
Monday was quiet, but for the rest of the week, we've got a lot of action.
Tuesday - JOLTS, Factory Orders and AMD ER
Wednesday - ADP, FOMC, FOMC Q&A, $QCOM ER
Thursday - $AAPL ER
Friday - Non-Farm Payrolls (Unemployment) + Wage Inflation
Technicals - QQQ is pretty neutral (W), so could easily keep pushing up to 330 this week if JPow doesn’t come in hot. Daily looks very bullish and is staying right in that long-term channel.
I am currently short NQ @ 13085 and AAPL 170p (Aug18) @ 12 - and taking a beating on both at the moment. I will get out of JPow’s way no matter what on the NQ short, but I’m looking for a dip ahead of him to close out.
Then - like everybody else - I’ll be waiting to make a move after he talks.
I don’t see how he cuts anytime soon (or even this year) like CME FedWatch is predicting. The bulls are persisting and holding the line though - impressively. I think we’re looking at August 2022 all over again (see chart below)
$AAPL earnings on Thursday, then NFP on Friday. AAPL will certainly set the tone, but I don’t expect much out of NFP because I’m just not seeing any pain out there yet and the Fed knows that as well.
Good earnings season so far - at least on the headlines.
Inflation is coming back though. That CPI next week is going to upset some bulls, I think, with oil and many other things pushing back up.
The market is in a state of picking and choosing what it wants to move up/down on. It’s quite hard to trade at the moment. Default bias remains long for general market.
Monday was quiet, but for the rest of the week, we've got a lot of action.
Tuesday - JOLTS, Factory Orders and AMD ER
Wednesday - ADP, FOMC, FOMC Q&A, $QCOM ER
Thursday - $AAPL ER
Friday - Non-Farm Payrolls (Unemployment) + Wage Inflation
Technicals - QQQ is pretty neutral (W), so could easily keep pushing up to 330 this week if JPow doesn’t come in hot. Daily looks very bullish and is staying right in that long-term channel.
I am currently short NQ @ 13085 and AAPL 170p (Aug18) @ 12 - and taking a beating on both at the moment. I will get out of JPow’s way no matter what on the NQ short, but I’m looking for a dip ahead of him to close out.
Then - like everybody else - I’ll be waiting to make a move after he talks.
I don’t see how he cuts anytime soon (or even this year) like CME FedWatch is predicting. The bulls are persisting and holding the line though - impressively. I think we’re looking at August 2022 all over again (see chart below)
$AAPL earnings on Thursday, then NFP on Friday. AAPL will certainly set the tone, but I don’t expect much out of NFP because I’m just not seeing any pain out there yet and the Fed knows that as well.
Good earnings season so far - at least on the headlines.
Inflation is coming back though. That CPI next week is going to upset some bulls, I think, with oil and many other things pushing back up.
The market is in a state of picking and choosing what it wants to move up/down on. It’s quite hard to trade at the moment. Default bias remains long for general market.
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