Tuesday, August 1, 2017
NQ Guideline for Wednesday
On Tuesday, NQ opened with a gap-up above 5900 key price level, designed to trigger a rally, but instead it was quickly sold.
NQ immediately dropped down below 5900, but was aggressively supported, never allowed to trend lower as it could cause liquidation selling that can easily get out of control.
NQ then traded sideways in a very narrow range all day on Tuesday with a close below 5900, setting up a bearish mode for Wednesday unless of course it can rally back up above 5900.
However, NQ would need to break below 5870 to trigger another round of selling. Remaining above 5870 implies more sideways choppy action.
On the longer term timeframe, the stock market is setup for a big drop, likely sometime this fall, September-October timeframe, although it could be earlier or later. But September and October are generally bearish months.
NQ immediately dropped down below 5900, but was aggressively supported, never allowed to trend lower as it could cause liquidation selling that can easily get out of control.
NQ then traded sideways in a very narrow range all day on Tuesday with a close below 5900, setting up a bearish mode for Wednesday unless of course it can rally back up above 5900.
However, NQ would need to break below 5870 to trigger another round of selling. Remaining above 5870 implies more sideways choppy action.
On the longer term timeframe, the stock market is setup for a big drop, likely sometime this fall, September-October timeframe, although it could be earlier or later. But September and October are generally bearish months.