NAS/QQQ Weekend Look (Nov29-Dec3) E-MINI NASDAQ-100 FUTURES (CONTINUOUS: CURRENT CONTRACT IN FRONT) CME_MINI:NQ1! WadeYendall Here is the weekend look for Nov 29-Dec3. After running making another ATH on Monday the NAS reversed sharply at the 1.618 fib extension identified last week. Price continued to fall the rest of the week finishing with a big down day on Friday. The move on Friday, due to covid news, was significant. Price broke the previous week's low on higher than average volume . The volume was notable especially given that Friday was a shortened trading day. Price now sits just below the 21 ema , but still above the longer term neutral. Going into this week a lot will depend on how the NAS futures react. On one hand last week's close left a large red outside candle that cannot be ignored. On the other hand the move happened on day with low liquidity likely dominated by algos that may have over reacted to the covid headline. Most market watchers were in agreement that price was extended and breadth was weakening. This is how technicals often lead news events. Essentially the market was waiting for an excuse to sell. The question now is whether or not this event will play out as a short term flash crash or the beginning of deeper correction. If the NAS sells off this evening I will be looking for support to hold at the green box near the top of the neutral zone. If price bounces quickly I will be watching the resistance zone (red box) for a rejection. A break above the red box would be bullish . A break below the top of the neutral would be bearish and would put a move down to the 55 SMA in play. A deeper correction could take the NAS to the bottom of the neutral. From a longer term perspective if price holds in and above the longer term neutral the up trend would remain intact. Below the longer term neutral things get a little more scary. Weekly events... Mon/Tues... Fed heads & Yellen speak Wed... Manufacturing PMI & Crude inventories + OPEC Thurs... Jobless claims Friday... Non Farm Payrolls & Factory orders. Bullish notes 10y yield dropped significantly Strong seasonal period continues Covid news may turn positive Covid fears mean lower for longer Bearish notes Market still extended High % of money still concentrated in a few names Omicron is a serious variant Buyers dry up as they expect lower prices.