$QQQ TOP 20
Added 2024-10-27 19:06:37 +0000 UTC$QQQ managed to recover all declines from the start of the week and finish the week just sitting on the last resistance level at $494.
It is very clear here that a positive week of earnings and a test of the $503 level would be very easy.
Flipping this level to support will be the icing on the cake for the bulls....as we lead into November 5th, US election.
The elephant in the room is what happened at the last earnings season, during this substantial week, there was violent moves to the downside, coupled with strong macro influences from Japan, if this happens again, Wave C will be confirmed for me.
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Economic Calendar is not significant this week as this is the most important week in this Earnings Season, the majority of all of the Mega Caps will be reporting (except $nvda) this week.
Their reports and guidance will offer more than most Economic Data can, so everyone will be fixated on this especially between Tuesday and Thursday.
Economic Calendar for the week ahead, starting on the 28th of October:
The economic calendar for the week starting Monday, October 28, 2024, includes several significant U.S. reports and indices that may impact markets:
Monday, October 28 - It's a relatively quiet day, with no major reports expected.
Thursday, October 31:
Employment Cost Index (Q3) at 8:30 AM ET, offering insights into wage and benefit cost trends.
Personal Income and Personal Spending (September) at 8:30 AM ET, providing a view of consumer financial health.
PCE Deflator and Core PCE Deflator (September) at 8:30 AM ET, key measures for inflation. These will include both month-over-month and year-over-year updates.
Chicago PMI (October) at 9:45 AM ET, offering insight into Midwest manufacturing activity
Friday, November 1:
Non-Farm Payroll Report (October) at 8:30 AM ET, a key indicator for labor market health, along with the Unemployment Rate and Average Hourly Earnings.
ISM Manufacturing Index (October) at 10:00 AM ET, which reflects overall manufacturing sector performance and is closely watched for economic trends.
Construction Spending (September) at 10:00 AM ET, giving a look at infrastructure investment trends
