The QQQ’s are gapping higher this morning ahead of NVDA earnings on Wednesday after the close and the U.S Fed’s Jackson Hole symposium at the end of the week. $362.50 is now the first potential resistance in the QQQ’s with $364, $370 and $372 next. Above that, the next targets are $378.10, $380 with a gap fill to $382.79 above that. The QQQ’s 12-month highs are at $387.54. Beyond that, targets to the upside are $390 and then $400. The first potential support is now around the $359 area. Below that the next targets to the downside are $354.50, $349 and $340.
Wall Street is preparing for couple of significant events this week. The first is NVDA earnings on Wednesday evening followed by Powell talking in Jackson Hole on Friday this week. Wall Street expects Powell to try and calm the bond markets, which should also benefit the stock market. It seems Wall Street has a great 3-day window on QQQ before NVDA on Wednesday.
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