A expected NQ opened below key support 20,500 on Thursday and then tanked down hard breaking below 20,200 down to the next support at 20,000. A stronger support is at 19,900.
It is likely NQ is going to trade sideways on Friday between 19,900-20,000 support and 20,200 resistance. Should NQ break above 20.200 it may go all the way to 20,350
A break below 19,900 is very bearish.
NQ traded sideways again on Wednesday with the closing price sitting at just below support, 20,520. It has continued its decline after hours, currently trading at 20,370.
If it should open below 20,520 we could see heavy selling which could take NQ back down to the next support level at 20,200, or lower to 19,900-20,000 suport zone
A big rally day for NQ on Tuesday. The rally could continue if it can break abovethe next resistance at 20,800. If so the next upside target is at 21,000 if it can break above double-top resistance at 20,920.
Failure to trade above 20,800 could cause NQ to pullback down to 20,520 support.
A narrow-range sideways consolidation type of day on Monday setting up a bigger move on Tuesday, the direction depends on where it trades in relation to is inflection price level. For Tuesday 20,500 will be key price level.
Above 20,500 we could see NQ rallying up to 20,800. Below 20,500 we could see NQ dropping down to 20,200 support.
A sideways trading pattern for NQ on Friday. A sharp rally in the morning that was followed by a sharp decline in the afternoon.
The stock market is stru7ggling to rally, an indication buyers may be exhausted and selling is starting to be more intense due to the sharp rally in the USD which is bearish for the market.
Yje is no setup for a strong sustained rally until NQ can clearly break above 20,700. A sustained break can trigger short-covering rally that could break above double-top resistance at 20,938 area,
There is no sharp sell-off until NQ breaks below 19,900.
A narrow choppy sideways trading pattern for NQ on Thursday. The pattern is going to continue on Friday.
At the end of the day on Thursday NQ looks ready to rally back up to the next resistance 20,520, then trade sideways, likely going back down to support 20,360.
A sharp selloff for the market on Wednesday, with NQ selling off most of the day but reversed late in the afternoon. The rally continued in overnight trading, back into its choppy zone again.
NQ is likely to continue to rally back up to 20,500 resistance zone then trade sideways below it, with support at 20,200.
Another narrow range sideways day on Tuesday. The pattern may continue on Wednesday with key price inflection level at 20,523, bullish above it, with possible upside target at 20,680 double top, or 20,800 if it can break above double-top resistance.
Bearish below it, with the next support at 20,350 and 20,200.
Another sideways trading action for NQ on Monday. NQ rally soon after the open failed and was sold off very quickly before buyer came in to buy and help pushed NQ back up to close at key resistance, now at 20,525.
20,525 will be key price ;level to watch on Tuesday, bullish above bearish below and an indication it is going back down to test support at 20,20.
A very narrow range day for NQ on Friday, a second consecutive narrow range days, setting up a big move out of the range. At the end of the day NQ looks ready to move out of the range.
Key price level for NQ on Monday will be at 20,500, serves as key resistance. A sustained break above is likely to trigger a big rally.
Failure to break above 20,500 could attract selling that could quickly tank NQ down to key support at 20,200
On Thursday NQ opened with a gap-up above 20,500 key resistance price but quickly dropped down below it and trade sideways below 20,500, resistance.
On Friday, key inflection price level will be at 20,370, bullish above it with first resistance at 20,500, and bearish below it with first support at 20,200.
Friday tends to be choppy and sideways trading pattern.
A sideways consolidation day for NQ on Wednesday. The low of the day was at key support level, 20,200.
On Thursday we could see another downtrend if it breaks below 20,200 support , or s big up-day if it can break above 20,400.
The strength of the US$ is a big factor in determining the bearishness or the bullishness of the market. With the US$ in a massive rally mode, it is affecting buy-Sell algos decision, a big US$ spikes can cause a sharp stock market sell-off, just like what happened on Tuesday.
A trend-down day for NQ on Tuesday. A sharp decline in the morning and a sideways consolidation the rest of the day. By the end of the day NQ looks ready to rally back up. A such we could see NQ rally in the morning then trade sideways.
Key price level to watch on Wednesday will be at 20,375, bullish above it, with resistance at broken-support now resistance, 20,500.
Nq will be bearish below 20,375, with key support at 20,200. A break below 20,200 is an indication NQ want to go to the next support level, 19.900
NQ opened with a gap-up above resistance, but failed to trend up, instead it traded sideways above broken resistance, now acting as support. The reason for its failure to trend up is likely due to the strengthening US dollar.
On Tuesday NQ is likely to come back down to re-test broken resistance now support at 20,500 before rallying back up again to higher high,l and that is as long as 20,500 support is not violated.
A likely pattern for NQ on Tuesday is 1). down in the morning to 20,500 2). then rally to higher high above Monday's swing high.
Key support is 20,500.
On Friday NQ rally stopped just below key resistance 20,500, which will remains as key resistance for trading NQ on Monday.
If NQ is not able to breakout above 20,500 on Monday we could see selling that could take NQ back down to support at 20,200.
A sideways trading action for NQ on Thursday following a trending up day on Wednesday. As long as NQ remains below 20,500 resistance level NQ is going to remains in a sideways trading pattern..
Key intraday support for NQ on Friday will be at 20,400. A break below it is an indication it is going to retest trading range support at 20,200.
A break above 20,500 could trigger a short-covering rally with the next upside target at 20,800-20,900. However, with Fridays tendency to be a choppy yype of day NQ may have to wait until next week yo trend above 20,500
A slow rally day for NQ on Wednesday withe the high of the day bumping into resistance at 20,500.
If NQ is not able to break above 20,500 20 Thursday we could see NQ pulling back down to re-test previous resistance, now support at 20,200, or simply trade between 20,200 support and 20,500 resistance.
If NQ can break and stay above 20,500 it could quickly rally to 20,800-20,900 at double-top resistance.
It was an up-trending day for NQ on Tuesday with the close near the high of the day.
Bullish on all time-frames, weekly, daily and the 60-minute time frame. At the end of the day on Tuesday NQ looks ready to trend up again on Wednesday with or without early morning pullback. Key price level support is at 20,200.
As long as NQ can stay above 20,200 we can see another bullish day on Wednesday. Trading below 20,200 is bearish, an indication it may want t go back down to 19,900 support.
What could prevent further rally? A massive US$ rally could cause market sell-off.
Another sideways price action for NQ on Monday as it remains inside a balance trading zone between 19,900 support and 20,200 resistance.
With Monday as the 7th day inside the range, it may now be ready to breakout of the range.
Key support for NQ is 19,900, a break below it is likely to trigger heavy selling with the next support at 19,400, thats a 400-points drop below skey support.
A break above 20,200 resistance could cause massive short-covering rally, with the next upaside target at 20,600.
Remaining inside the range implies more sideways choppy price action
A sideways trading action for NQ on Friday with the closing price at key resistance level, 20,220, setting up a potential trending up day if NQ could trade and stay above 20,220.
Failure to trade above 20,220 is likely to drop NQ back down to key support, 19,900.
Another choppy sideways day for NQ on Thursday. Friday price action should be the same choppy and saideways as long as NQ remains inside a balanced trading range between 19,900 support and 20,200 resistance.
It needs a market-moving news to get NQ to break out of the range.
On the intraday basis, NQ looks like it would need to go up to 20,200 in the morning before going back down to support, 19,900.
A choppy narrow-range consolidation day for NQ on Wednesday. Thursday trading is also likely to be a choppy sideways trading day, with support at 19,900 and resistance at 20,200.
NQ would need to trade outside the 19,900-20,200 trading range to cuse a breakout trending day.
Key intraday inflection price is at 20,040, bullish above it, bearish below it.
A large down day for NQ on Tuesday. The sell-off should continue on Wednesday with the next support at 19,700 and likely to go down to at least 19,370 if 19,700 support is broken.
The port worker union strike that started on Tuesday is very bearish for the economy and if not resolved could cause a massive stock market crash as it would crashes trhe US economy and drag globall economy down.
Should the strike be settled soon we could see a massive knee jerk reaction rally.in the stock market.
