NQ Guideline For Friday

Attempted breakout above trading range resistance, 21,550 failed to trigger short-covering as NQ sold off and dropped back down inside the range, a bearish sign, likely indicating the top for the current rally might be in.

Friday is not usually a breakout day, as such we could expect NQ to stay inside the range, 21,000 to 21,550

Intraday inflection price level for NQ on Friday will be at 21,450, with 21,550 resistance and 21,200 support

NQ Guideline For Thursday

The stock market traded sideways on Wednesday consolidating the huge rally on Tuesday.

The stock market has rallied sharply in overnight trading after the court made a decision that Trump tariff is not legal and must be stopped immediately, as Trump does not have to authority to impose tariff.

In addition, The Fed has started to accelerate pure money printing as there are very few buyer of US new debt issuance.

A combination of massive money printing and tariff halt triggers massive short-covering rally .

For NQ it has traded over 400 points in overnight trading. If it continues into the open we could easily see NQ rallying over 1,000 points as short get forced to cover.

Key Resistance for NQ will be at double-top, 22,500.

NQ Guideline For Wednesday

A gap-uup and trend up day for NQ on Tuesday as the shorts were forced to cover. 

With NQ high nearing key resistance level around 21,570, and an overbought condition on the 60-minute chart, we could see NQ trading sideways on Wednesday, setting up another trend up day on Thursday if it can push above 21,570.

First support for NQ on Wednesday is at 21,350

NQ Guideline For Tuesday

A down day for NQ on Friday, closing below key support level at 21,000. However, NQ has rallied back above 21,00 in globex trading session if it continues into the open on Tuesday will be bullish.

Key resistance to break for NQ on Tuesday wil be at 21,100, a break could trigger buying to push it up to 21,400.

A break above 21,400 could trigger short-covering to cause a rally to the next resistance, 21,550. NQ would need to break below 21,000 to trigger a sell-off

Holiday Monday Memorial Day

 The US market will be closed on Monday for Memorial Day. Will reopen on Tuesday

NQ Guideline For Friday

Thursday was another day of sideways consolidation above broken-resistance, now support, a zone between 21,500 to 21,000.

As long as 21,500 support is not broken, the current pullback in this current up-trend remains bullish, setting up another explosive rally that is likely to break above its recent all-time high 22,400.

As Friday is usually a sideways consolidation day, the breakout to new high or breakdown below support is not very likely as long as there is no major unexpected market-moving news such as anothe massive spike in interest rate.

Intraday support on Friday is 21,000, resistances are 21,300 then 21,500

 

NQ Guideline For Thursday

Stocks and bond sold-off, bitcoin and gold rally following a failed 20-year bond auction. The 10-year treasury bond yield spiked. Without the Fed intervention the yield could spike to a level that can cause financial meltdown.

The Fed would be forced to come in to buy. 

Key support for NQ on Thursday will be at 21,000. If that support does not hold we could see massive selling as foreign investores flee the US market.

NQ Gudeline For Wednesday

A sideways choppy day for NQ on Tuesday. NQ is really struggling to rally above 21,550 resistance and is now looking likely to pullback down to lower level before attempting to break above 21,550.

Supports are 21,300, 21,200 and 21,00.

It is a choppy zone between 21,000 to 21,550.

NQ Guideline For Tuesday

The stock market opened with a huge gap-down but buy programs likely from the Trump administration team pushed the stock market upward but again stopped at 21,550 resistance for NQ, a major resistance going forward.

Buy program is likely to continue for a while. For NQ key resistance is now at 21,550, a break could force more short-sellers to cover, which is precisely the plan as they cannot afford to let Moody's downgrade to cause global investors to dump US assets.

Key support is at 21,000. If NQ could trade sideways above 21,000 in the next 1 to 2 days we could see other buyers coming in and cause a break above 21,550 and catapult NQ up to 22,000 area.

NQ Guideline For Monday

NQ traded sideways in a choppy narrow range trading action which is normal for Friday. 

After the close on Friday Moody downgraded the US debt rating. We can see in overnight trading on Sunday night the equity market has sold off hard, down over 350 points, and if selling continues into Monday open we could see massive selling.

Key support for NQ on Monday will be at 21,000, a strong support level that could cause a bounce, however, if breached could setup a fast drop down to 20,500 level.