$NQ1! - Busy week ahead!

NQ1! - Busy week ahead!

We've got a busy calendar ahead of us and remember it's first day of the month - May a Lot of US Data!

1. ISM
2. JOLTS
3. ADP
4. FOMC
5. NFP

Now that's a busy week and I know for some, they will be stepping back and not trading during a hectic week ahead, but I do feel there will be plenty of opportunities. Now, banking sector is at the key spot light ahead of this week mentions of First Republic Bank will be acquired by JPMorgan after rescue efforts fail. It's not first time this year, we've heard a bank go under, and unfortunately that's part of the cycle as rates head higher, a lot of sectors get hurt, look at real estate and this is what I mentioned months prior - I well recommend researching more in depth. Keep in mind FED want a 2% target for inflation...Expectation is for the FOMC to lift rates by 25bps at its May meeting, now the real question is will they pause after this hike or carry on, whilst we got credit tightening...

Now technically looking at NQ

Highs: 13391
Lows: 12787

At the moment we've got Kangaroo action until a break to either side - If we are to break the highs, I expect next area of interest to be 13660 areas. However, we are to break the lows, I expect 12481 areas.

NQ has held relatively well within the conditions we are in, interesting times ahead.

Have a great week ahead,

Trade Journal

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