Trade Guideline for Friday (NQ)

Ahead of the long weekend, Friday's trading action may likely be a narrow-range choppy day. Whether it is going to be a narrow-range trending day or a narrow-range choppy sideways consolidation day depends where the market trade in relation to Friday's key price level.

I will use 2320 as key S/R level for Friday.

• Above 2320 short-covering should continue, targeting 233- to 2340 area.
• Below 2320 implies profit-taking consolidation targeting 2300 to 2295

Trade Guideline for Thursday (NQ)

Wednesday was a sideways narrow-range consolidation day. Thursday may either be another consolidation day ahead of the long weekend holidays or a trending up/down day.

Key S/R level for Thursday's trading session is 2300.

• Bullish short-covering day above 2300 level, targeting a move up to 2330-2340.
• A consolidation or trending down day below 2300, targeting a decline down to 2270.

Trade Guideline For Wednesday (Nasdaq NQ)

Tuesday was another trending-up day, with the open near the day low and the close near the day high. Following two trending-up days in a row, we may get a consolidation day on Wednesday or another trending-up day.

Key support-resistance level for Wednesday is 2275.

• Bullish above 2275, targeting 2300, then 2320
• Bearish below, targeting 2260, then 2250

Trade Guideline for Tuesday (NQ)

For Tuesday, the key inflection point is 2250. 

• Bullish above, targeting first resistance 2275, and if that does not reverse the uptrend, second resistance is 2300.
• Bearish below, targeting first support 2230, second support 2215

Trade Guideline For Monday (Nasdaq NQ)

2215 is key Line-in-the-Sand for NQ on Monday, with 2200 as key support and 2225 as key resistance.

• Above 2225 is bullish, with  an upside target of 2250 (resistance).
• Below 2215 is bearish, targeting a move down to 2200 (support).

*** Market internals would need to be extreme (bullish/bearish) for NQ to break out of its 2200 - 2250 trading range.

Trade Guideline for Friday (NQ)

A very bearish opening on Thursday was reversed with NQ closing near its day high. For Friday key resistance is 2255, key support is 2235. If end of day bullish momentum is going to continue on Friday price should push through key resistance. Failure to break above and/or stay above key resistance may trigger some selling that can take price down below key support.

• Above 2255 is bullish, may trigger short-covering that can push price up to 2290 - 2300.
• Bearish below 2235, targeting a move down to test key support 2200.

Trade Guideline for Thursday (NQ)

A consolidation day Wednesday following a trending-up day on Tuesday. We may see a wide-range day on Thursday, and the direction would depends on where it trades in relation to key Line-in-the-Sand 2230.

• Above 2230 implies NQ is going tup to 2250 then 2260 if 2250 does not reverse it back down.
• Below 2232 implies it is going down to 2220 then 2200.

Trade Guideline For Wednesday (Nasdaq NQ)

Short-covering rally was triggered right from the open and continued all day into the closing bell. FOMC decision will be announced on Wednesday. I will use 2245 as key Line-in-the-Sand.

• Bullish above and can continue to run-over stoploss for another short-covering rally.
• Below 2245 would imply likely consolidation with potential range of between 2230 - 2250 

Trade Guideline for Tuesday (NQ)

Monday was a pullback day within a strong downtrend market. 2200 is my key level to watch for on Tuesday.

• A sustained break above 2200 may trigger a short-covering up day.
• Below 2200 may trigger another selling down-day.

Trade Guideline for Friday (NQ)

Profit-taking activities following a break below March swing low caused an immediate rally off the low on Thursday. However, the closing price was right at the consolidation low before the breakdown, which is now resistance.


Key level to watch for on Friday is the consolidation zone 2200 - 2215. 

• Failure to clearly break-back above  the 2200 level implies the market is set to tank again on Friday.
• A sustained break above 2200 but below 2215 would imply consolidation is likely.
• A sustained break above 2215 may trigger a short-covering rally that can push price up to 2230 - 2245.

Trade Guideline for Thursday (NQ)

A bearish day Wednesday with a close near the low of the day. As we can see, Tuesday rally was just a one-day pullback in a down trending market. The fact that it was just a one-day rally implies that the downtrend is in a fast impulsive mode, a strong momentum move that can slice through supports. It may pause Thursday for a breather, or it may tank again.


Key inflection point for Thursday is 2215 zone.

• Below 2215 implies we are likely to get another wide-range down-day on Thursday, targeting key support at 2185, likely breaking through it, but we cannot rule out a potential bounce from it. 
• Above 2215 implies a consolidation (pause) day targeting 2230, then 2245 if the rally is strong.

Trade Guideline For Wednesday (Nasdaq NQ)

A bullish day on Tuesday, closing at key inflection point 2245. Was Tuesday's rally a one-day pullback up in an ongoing downtrend on the daily chart?, or was it the beginning of a consolidation on the daily chart?. Wednesday's price action would give us more clue as to what the market is telling us.

• If Tuesday was just a one-day bounce within a strong downtrend market we should see either a narrow-range consolidation day Wednesday or a bearish day testing or breaking below Monday's low. 
• If a consolidation on the daily chart is in the card NQ should stay above 2245 and rally up to 2255 - 2265, then closing in the positive territory.

Trade Guideline for Tuesday (NQ)

Key inflection point is 2222. Key resistance is 2230, and key support is 2215 (September Contract)

1. Inside key support and resistance, it is likely going to be a narrow-range consolidation day. 
2. If price can get a sustained break above key resistance level, the likely possibility will be a profit-taking / short-covering rally, targeting 2240 - 2245 zone, then 2250
3. A sustained break below key support level (2215) will result in another bearish liquidation day, targeting a decline down to 2185 area..

Trade Guideline For Monday (Nasdaq NQ)

Friday was another bearish down-day closing near the low of the day. Monday would either be one of the following possibilities. Key inflection point is 2225. Key resistance is 2230, and key support is 2220 (September Contract)

1. If the open is between key support and resistance level (2220 - 2230), and then fail to break out or breakout and fail to stay outside the range, the likely scenario would be a narrow-range consolidation day. 
2. If price can get a sustained break above key resistance level, the likely possibility will be a profit-taking / short-covering rally, targeting 2240 - 2245 area.
3. A sustained break below key support level (2220) will result in another bearish liquidation day, targeting a decline down to 2185 area..

Trade Guideline for Friday (NQ)

Thursday was a "doji" pause day, opening near the low and closing near the low of the day, near key 2250 double-bottom support on the daily chart.

If a pause doji day is then followed by a sustained decline below key support of 2250, we can expect to see a very large-range liquidation day. For NQ, there is no real support until the next double-bottom support on the daily chart, at a price level of  2190 area.

If NQ can stay above 2250 it can result in another consolidation day. However, a sustained break above 2265 has the potential to trigger a powerful large-range one day short-covering profit-taking rally targeting 2285 - 2300 zone.

Trade Guideline For Wednesday (Nasdaq NQ)

Key resistance for Wednesday is 2290

• A sustained break above 2290 can trigger a short-covering rally targeting 2300 then 2315.
• Below 2290 NQ may trade in a trading range if price does not clearly break below Tuesday's low.
• A sustained break below Tuesday low can trigger a liquidation decline targeting 2260, then 2250. Below 2250 the next support is 2190

Trade Guideline for Tuesday (NQ)

Monday was a trending-down day with a close near the low of the day. For Tuesday there are three potential patterns.

1. Narrow-range consolidation day with Monday's low as support and 2285 as resistance zone.
2. Another wide-range liquidation down day, likely on a sustained decline below Monday's swing low, running over stop-losses, targeting a move down to 2265 and and then 2250 as potential double-bottom support with April 18 swing low. A break below 2250 could potentially cause massive liquidation.
3. A bullish short-covering up-day on a break above 2285 resistance zone targeting 2300, 2310 -  2315.

Trade Guideline For Monday (Nasdaq NQ)

Last Friday was a trending-down day with a close near the low of the day. For Monday there are three potential patterns.

1. Narrow-range consolidation day with Friday's low as support and 2300 - 2305 as resistance zone.
2. Another wide-range liquidation down day, likely on a sustained decline below Friday's swing low, running over stop-loss.
3. A bullish short-covering up-day on a break above 2300-2305 resistance zone targeting 2315 - 2320 area

Trade Guideline for Friday (NQ)

Morning employment report may move the market before open. I will use 2310 as key support for Friday.

• Bullish above but resistance levels are 2335 and 2350. Above 2350 NQ could rally all the way up to 2375
• Below 2310 it could tank to 2300 then 2280

Trade Guideline for Thursday (NQ)

On Wednesday the bears capitulated into the close as NQ closed near the low of the day. If there is going to be more selling on Thursday NQ would break below 2310. Breaking back above 2325 implies NQ want to rally back up.

Key support for Thursday is 2310.
Key Line-in-the-Sand is 2325. 

• Above 2325 I will be looking for the market to rally back up to 2335, then 2350.
• Below 2310 I will be looking for NQ to decline down to 2300, then 2280