Thursday was a down day for NQ. The selling is continuing into the overnight trading session. It has broken below key support 20,900.
If NQ should open below 20,900 we could see NQ quickly dropping down to the next support zone at 19,685-20,700. That is a strong support and NQ is likely to bounce off it and trade sideways
If 20,685-20,700 support zone is violated and NQ clearly break below it, we could see a fast decline.
Another sideways narrow-range consolidation pattern for NQ on Wednesday, four consecutive days. NQ would need to breakout above 21,350 and push higher to trigger a trend-up day.
A big gap-up open above 21,350 would increase the probability of a short-covering trending up day that lst all day long..
If NQ required a deeper pullbsck before trending back up again, supports are 20,900-21,000 and if that does not hold the next lower suppoert is at 20,700,
Upside target for a trend-up day will be at 21,700-21,750 are.
Another narrow-range sideways consolidation day for NQ on Tuesday, the third consecutive consolidation day in a row.
If NQ does not need a deeper pullback before resuming the rally we should se NQ trending up all day on Wednesday.
If NQ required deeper pullback the next lower support is at 21,000
Key price level to watch for will be at 21,200, bullish above, bearish below. Trading above 21,200 is an indication the next ley up is in progress. If so, the next logical upside target is at 21,500 to 21,600.
With the bond market closed for the Veteran;s day on Monday the market chopped around in a very narrow range.
Tuesday will be different as everyone will be back to trade the mrket. As such we could see the uptrend resume the current rally.
With Bitcoin in breakout parabolic mode on its way to 120,000, he market will be flushed with risk capital. as such may push the equity market higher on Tuesday.
Key intraday price level will be at 21,200, bullish above it, bearish below it.
The stock market took a pause on Friday trading sideways in a very narrow range pattern for NQ, which is a setup for a big rally on Monday, with reasonable upside target at 21,500 to 21,600.
Key price level for NQ to trade above in order to trigger short-covering rally is 21,250, bullish above, bearish below it.
The bond market is close for Veteran's day celebration but the stock market is open.
Another rally day for NQ on Thursday, the third consecutive rally day. Friday will be day 4 which is an indication that NQ may rally in the morning but then reverse in the afternoon, making Friday a sideways day.
However, the fact that nerxt week Monday November 11, will be veterans day, we could also see another up-trending day on Friday if the shorts panic cover again.
Key price level to watch is 21,250, bullish above, potential sideways action below it.
A large gap-up and trend up day for NQ on Wednesday following Trump victory. NQ and S&P 500 is now in breakout mode and may force the shorts to cover. If so we can expect to see 3 to 4 large up day in a row above breakout before we see a pullback day.
For NQ the breakout level is the high from July at 20,920. A sustained break above could trigger a 1,000-2000 point rally before pausing
Key price level for NQ on Thursday will be at 20,920.
The Fed is expect to cut interest rate by 0.25% on Thursday
Massive rally in equity in overnight trading session as Trump is going to win the US Presidential election. The rally should continue for the next three day as the shorts needs to cover.
For NQ key resistance top qatch is 20,700 then 20,900. A sustained break could cause a massive spike. A good upside target is at 23,200, that is if NQ can break abd stay above 20,900.
A break above 20,900 that does not hold is very bearish. But Trump win is very bullish for the stock market.
A sideways trading action for NQ on Monday. With Tuesday being an election day in the US we could see another sideways action with key support at 20,000 and key resistance at 20,200.
NQ would need to break out of the range to trigger s temporary spike away from the 20,000-20,200 range.
Major investors may want to wait for the election result to make their decision. As such we could see a big market move out of the range after Tuesday election.
Friday was a sideways consolidation day following a huge down day on Thursday. The sideways pattern on the intraday 5-minute chart is showing a setup for a rally on Monday.
Key price level to trigger a rally will be at 20,200, bullish above it with a normal upside target at 20,400. A more bullish upside target at 20,5400.
