Trade Guideline for Friday (NQ)

With NQ trading in a narrow trading range and closing right in the middle of the range on Thursday, the stage is set for a potential wider-range day on Friday.

I will use 2402 as key Line-in-the-Sand on Friday

• Bullish above targeting Thursday high then 2417
• Bearish below targeting 2394, then 2381 

Trade Guideline for Thursday

Another bearish dollar fueling another bullish day in the stock market. Market rally should continue as long as the US dollar weakness continues.

2400 is Line-in-the-Sand for Thursday.

• As long as NQ pullback can stay above 2400, the rally will continue. 
• However, a clear break below 2400 would imply a deeper pullback down to 2388, then 2375

Trade Guideline For Wednesday (Nasdaq NQ)

Tuesday's high was a double top on the daily chart. Upon making a double-top, it promptly reversed and sold-off into the end of the day and closed at the opening price level.

For Wednesday, the opening price action will determine whether the afternoon pullback down will continue or whether it will re-test and or break Tuesday's high.

Line-in-the-Sand for Wednesday is 2289, bullish above, bearish below.

• Above 2289, targets are 2402 then 2415-2420
• Below 2289, targets down are 2375, then 2257

Trade Guideline for Tuesday (NQ)

Monday was a very narrow range consolidation day following three wide-range up days in a row. Tuesday is either another consolidation day, a pullback down day or a wide-range up day. The key as to what type of day it is going to be depends on the opening price action.

I will use 2275 as key level for bull-bear bias.

• Above 2275 implies a potentially bullish day, targeting 2385, then 2400
• Below 2275 implies possible pullback bearish day targeting a pullback down to 2357, then 2348

Trading Guideline for Monday

Weak US dollar overnight tonight, if it continues into the open will be bullish for the market on Monday. I will use 2373 as key Line-in-the-sand.

• Below 2373 implies a pullback down to 2357, then 2340.
• Above 2373 is bullish, targeting 2385, then 2400.

Trade Guideline for Thursday (NQ)

Apple's earning report after the close on Wednesday pushed NQ over 20 point above the close. Without a substantial sell-off overnight would imply that NQ would have another large up-gap in the morning.


2360 is a key level to watch for on Thursday morning.

• On Thursday, price staying above 2360 can cause a massive short squeeze that can propel price up to 2380, then 2400.
• Below 2360 could result in a pullback down to 2350, then 2340, then 2330.

Trade Guideline For Wednesday (Nasdaq NQ)

I will use 2310 as key Line-in-the-Sand for Wednesday.

• Bullish above, targeting 2320 then 2330. If market internals are extreme bullish then NQ may go up to 2340 - 2350 area.
• Below 2310, I will be looking for a  retracement of the last two days rally, looking for a decline down to 2395, then 2382 area. If market internals are extreme bearish, then NQ may have to drop down to 2350 before it can get any support.

Trade Guideline for Tuesday (NQ)

The market tank in the morning on Monday after the S&P put the US credit rating out to negative. However, NQ managed to regain most of the early morning selloff and closed above the opening gap-down level.

For Tuesday, I will use 2275 as my Line-in-the-Sand Level, bullish above, bearish below.

• Below 2275 I will look for NQ to test Monday's low, then if that support level does not hold, the next support level is 2235.
• Above 2275, first upside target is Friday's closing price, a critical resistance level to watch, as a sustained break above could cause a short-squeeze that can take price up to 2320 then 2330.

Trade Guideline for Friday (NQ)

Key Level for bull-bear bias for Friday is 2300.

• Bullish above, targeting  2320, 2330 then 2340
• Bearish below, targeting 2285, then 2270

NQ traded in a sideway trading range between 2288 and 2312 on Thursday with a close near key level for Friday.

Thursday's sideway pattern makes it more likely for Friday to be a wide range breakout/breakdown day, the bias will depends on where it opens in relation to the above key level at 2300 .

Trade Guideline for Thursday (NQ)

On Wednesday, NQ traded inside a trading range between 2295 lower range (support) and 2320 upper range (resistance). 

At the end of the day, the pattern on the 5-minute chart looks ready for a trending-up day on Thursday. Opening above 2320 would trigger a short-covering rally, and cause a one-directional trending-up day that can take price all the way up to 2250-2265 area, with 2230 and 2240 as resistance levels to watch for potential pullbacks.

However, opening inside the 2295 - 2320 trading range implies another non-trending choppy day with 2210 as key level for bull-bear bias.

• Supports below 2310 are 2300, then 2285.
• Resistance above 2310 are 2320, then 2330

Trade Guideline For Wednesday (Nasdaq NQ)

NQ closed right in the middle of Tuesday's trading range and I will use the close of 2292.50 as Wednesday's key Line-in-the-Sand.

• Bullish above , first resistance is 2305, then 2320
• Bearish below, with first support at 2285, then 2270

Trade Guideline for Tuesday (NQ)

2310 = Key Support-Resistance Level for Tuesday, Bullish above, Bearish below

• Above 2310, First upside target = 2330, then 2340.
• Below 2310, First downside target = 2300, then 2285

On Monday, NQ closed right at the key resistance-support level. Where it opens and trade shortly after the open is key as to the direction of the morning trend.

Trade Guideline For Monday (Nasdaq NQ)

2320 = Balance Point, Bullish above, Bearish below
2330 = First resistance, 2340 = 2nd resistance
2310 = 1st Support, 2300 = 2nd Support

On Friday, NQ close right at the balance point. Where it opens in the morning on Monday will determine whether it will be a bullish or bearish day, trending (breakout) day or ranging/trading range (staying inside the range) day.

Trade Guideline for Friday (NQ)

Nasdaq NQ has been trading mostly inside a range between 2320 - 2340, with extended range of 2350 to the upside and 2310 to the downside for the last 7 days. 

• Hence, large clusters of stop-loss would have been accumulated above 2350 for the bears and below 2310 for the bulls.

A successful breakout or breakdown out of the range should trigger a large trending move that would not be wise to fade. 

• Until the breakout/down occurs price would continue to oscillate between the upper and lower trading range, with 2330 as the mid-range.

Trading Guideline For Thursday (NQ)

I will use 2330 as key price level for determining the bull-bear bias for the morning trend.

• Bullish bias above 2330 with 2350 as target and potential reversal level. A clear break above could cause a short-covering rally, and could easily push price up to 2360-2365 area.
• Below 2330 will attack more selling targeting 2320 or 2310 before reversing back up. A clear break below 2320 can cause long-covering that could tank NQ down to 2310 support.

Trade Guideline For Wednesday (Nasdaq NQ)

I will use 2330 as key Line-in-the-Sand for Wednesday morning.

• Will look for NQ to trends downward in the morning with price action below 2330 in the morning. First target is 2320, then 2310-2312 and 2390-2392 area before reversing back up. 
• Will be looking for morning rally if price action is above 2330 in the morning, targeting 2339, then 2350 before reversing back down.

Note: Not expecting reversal if market internals are extreme.

Trade Guideline for Tuesday

On a daily chart, Nasdaq NQ is currently in an uptrend but closed as a doji on Monday, implies a balance market. Where it trades soon after the opening bell will decide the market bullish-bearish bias for Tuesday.

Line-in-the-Sand is around 2338-2340 area.

• Bullish bias above LIS targeting 2350, then if that breaks, next upside target is 2360-2363 area.
• Bearish below LIS targeting 2320 support, then if that break, target next support at 2300

Trade Guideline For Monday (Nasdaq NQ)

2338 = Line-in-the-Sand for Monday. 

After breaking out and rallied in the morning on Friday NQ reversed and closed at the breakout level of 2338. Where it opens and trades near the open will determined whether Monday will be a bullish day or a bearish day.

• Above LIS, I will be looking for morning rally up to re-test Friday's high, with key resistance and a potential reversal level at 2352.
• Below LIS, I will be looking for a morning decline down to key support and potential reversal levels of 2332 or 2320