A choppy sideways consolidation trading pattern for NQ on Thursday, typical pattern following a trending day.
On Friday NQ should continue to trade sideways, with key support at 18,600 and key resistance at 18,700
Lower than expected CPI number on Wednesday confirmed thaty rate cut is coming sooner than expected that triggered buy programs forcing shorts to cover resulting in a nice large trending up day on Wednesday.
With NQ high of the day at double-top, a sustained break on Thursday could trigger another wave of buy programs and short-covering that could push NQ to another new higher high.
Key intraday level for NQ on Thursday is at 18,700, bullish above, bearish below it indicating sideways consolidation pattern.
A small up-trending market for NQ on Tuesday ahead of the CPI release on Wednesday. The number could get the market going again, up or down.
Key price level for NQ on Wednesday will be at 18,400, bullish above, bearish below it with key support at 18,260
CPI report release date and time: Wednesday, May 15 at 8:30 a.m. EDT. The CPI is forecast to rise 0.4% in April after increasing by 0.4% in March. Core CPI is forecast to rise 0.3% in April after rising 0.4% in March. The CPI year over year is forecast to rise to 3.4% in April from 3.5% in March.
NQ continue to trade sideways in a very narrow range as the market await inflation number on Wednesday. As such, NQ could continue to chop around until Wednesday.
Key support on Tuesday is at 18,260.
Another day of very choppy narrow range trading day for NQ on Friday. NQ looks ready to drop down unless it can stay above key support 18,100.
Current trading range is between 18,100 support and 18,260 resistance.
On the intraday basis, inflection price level for NQ on Monday is at 18,250, bullish above, bearish below it.
Another narrow-range sideways consolidation day for NQ on Thursday, and it was also the third day of sideways consolidation, setting up for a breakout trending-up day for NQ on Friday.
The key price level; to watch will be at 18,250, If NQ could trade above 18,250 and the shorts may get forced to cover their position ahead of the weekend, we could see all day trending up trading pattern, with upside price target ranging from 18,400 to 18,500 as normal target.
Failure to trade above 18,250 is bearish, with NQ trading back down to 18,000-18,100 support zone.
Another narrow range sideways pattern for NQ on Wednesday. Without a larger pullback down move we are likely to continue to see more narrow range choppy price action.days.
On Thursday support is at 18,100 and resistance is at 18,200.
Another very narrow-range trading action for NQ on Tuesday. Without a decent pullback NQ is likely to continue to rally in a very narrow range fashion.
For Wednesday intraday support is at 18,100 and resistance is 18,265.
Inflection price level is at 18,200, bullish above, bearish below it.
A very narrow-range uptrend day for NQ on Monday as NQ is now in overbought zone on the 5-minute chart.
Key price level to watch for on Tuesday is at 18,200 as resistance, bullish above it with the next resistance at 18,400.
Trading below it is an indication NQ is going into a consolidation mode, first support is at 18,100, key support is 18,000.
A huge gap-up open for NQ on Friday following a very dovish Fed announcement on Wednesday and the returns of the stock buy-backs programs.
Will the market continue to rally on Monday or pullback down, will depends on where it trades in relation to its intraday support-resistance zone, 18,000, bullish above, with the next resistance at 18,100 then 18,200
Bearish below 18,000 with lower supports at 17,900 and 17,800.
