NQ Guideline For Wednesday

NQ opened with a huge gap-down on Tuesday, buyers then tried to rally the market up, but failed, then tanked down to lower support, the critical breakout support zone, 7740.

 

A break below 7740 would be very embarrassing for the Fed particularly ahead of their policy announcement on Wednesday. Massive buy program managed to cause a sharp rally back up to close the gap at key inflection price level, 7820.

7820 will be key inflection price level on Wednesday.

-- Bullish above, NQ could rally up to test the high and likely breaking above it.

-- Failure to trade back above7820 could attract another round of selling. If the Fed buy programs could not hold it above 7740 we could see heavy selling.

NQ Guideline For Tuesday

NQ rallied most of the day on Monday only to tank after hours due to a disappointing earning reports from Google.

 

Going forward, Google may not be the only company to report disappointing earning, as such Google could be a good barometer for the economy. If so, the stock market retest of the October high may have ended and the resumption of the bear market to follow soon.

Key price level for NQ on Tuesday will be 7830.

-- If NQ remains below 7830 on Tuesday we would see more selling. If so, strong support is at 7750 prior high in October 2018 and now key support. However, with trailing stop-losses congregating below 7740. NQ would need to clearly break below 7740 to trigger stop-and-reverse trade that could potentially tank the market hard. Remember, the Fed may intervene ahead of their meeting this week.

-- Should NQ trade back above 7830 on Tuesday, it should keep selling at bay, and as such the rally should continue.

NQ Guideline For Monday

On Friday NQ pullback down to critical support, prior swing high, the October high, now support, bounced from it and then rally back up closing at the high of the day, a sideways consolidation pattern, normal pattern for Friday, a setup for trending up day on Monday..

 

NQ looks set to rocket back up to new high on Monday. The fact that the pattern is so clearly setting up a trend-up rocket up day for Monday should make us cautious, and be ready for possible afternoon reversal.

 

Key intraday inflection price level for NQ on Monday is 7825.

-- Bullish above, next upside target is 7900

-- Bearish below 7825, next support is again 7750 prior swing high. Technical trailing stop-loss for those buying breakout trade is just below 7740, key level to watch going forward

NQ Guideline For Friday

A massive selloff in 3M stock following its earning reports set the trading tone on Thursday, and it was bearish. 3M stocks sold off hard all day.

The action in the major stock indices is reminiscence of the previous market tops, 1987, 2000, 2007, just before the start of their bear markets.

 

Currently the Dow so far has failed to make a higher high above October swing high, setting up a potential lower high. If that is so, and if the stock market starts selling off, it will trap the bulls, setting a stage for a waterfall decline.

 

For NQ key support price level for Friday is October swing high of 7750. With many trailing stop-loss just below breakout day low of 7740, a clear break below 7740 will start to run-over trailing stop-loss for those who bought the recent breakout. A failed breakout will trigger massive selling that should easily crash through supports.

 

With stocks futures continuing to sell-off in overnight trading, key support for NQ on Friday will be 7750. Should that break we could see a cascade of selling.

 

If the market manipulators manage to push the market up by the opening bell, and push NQ up above 7730 now resistance, we could see a typical choppy-sideways Friday price action/pattern.

NQ Guideline For Thursday

Following a large up-trending breakout day on Tuesday NQ needed to consolidate the gain on Wednesday. NQ should resume the rally on Thursday with the next upside reasonable upside target at 7900 and up to 7950 if the market gets very bullish.

 

Key intraday inflection price level is at 7820.

-- Bullish above, next upside target at 7900-7950. Overnight, NQ is already trading above Wednesday high, an indication NQ may open with a huge gap up.

-- Though not expected, trading below 7820 would be bearish, with first support at 7800.

 

NQ is bullish on the daily chart, bullish on the 60-minute chart, and bullish on the 5-min chart.

 

NQ Guideline For Wednesday

NQ broke above October 2018 swing high on Tuesday and triggered some stop-loss congregative just above October high thus triggered a breakout trending up day on Tuesday.

 

This type of day is normally followed by a consolidation day. However should more shorts decides to cover right away on Wednesday we could see another trending up day on Wednesday.

 

Key price level to watch on Wednesday will be 7830.

-- If NQ can stay above 7830 on Wednesday we could see another trending up day.

-- Should NQ trade back below 7830 we could see a sideways, narrow range, consolidation type of day.

NQ Guideline For Tuesday

NQ opened with a gap-down into oversold territory on the 5-minute chart on Monday then rallied to close the gap, and then broke above the gap-close to continue the rally, closing at the high of the day in overbought territory on the 5-min chart. NQ may need to pullback down to support before rallying again.

 

On the short term intraday timeframe key inflection price level for NQ on Tuesday will be 7725.

-- If NQ remains above 7725 by the opening bell we should see another rally to higher high above Monday high, but strong resistance from daily chart double-top with October 2018 high is around 7750 on the June contract. NQ would need a sustained break above 7750 to trigger short-covering rally.

-- If NQ should break back below 7725 we could see a further decline down to 7700. A break below 7700 implies a deeper pullback down to 7670 area.

 

7670 is a critical support, and a strong support level, and should it get clearly violated we could see heavy selling

NQ Guideline For Monday

The stock market was closed on Friday last week because of Good Friday, as such Thursday was the last trading day last week, and the price action was choppy and narrow range.

 

Going forward, key price level to watch for is October 2018 swing high of around 7750 for NQ based on NQ June contract.

-- Trading below 7750 is going to keep NQ in a choppy narrow trading range unless NQ breaks below its 20-dma on the daily chart, and for Monday that price level is round 7540, which is a long way down from current price level.

 

On the short term time frame, key intraday price level on the NQ is around 7695

-- Bullish bias above, bearish bias below.

NQ Guidelien For Thursday

On Wednesday NQ opened with a huge gap-up to just below double-top with October 2018 swing high. The huge gap-up opening attracted profit-taking selling and double-top selling, pushing NQ back down, generating a bearish reversal day, the open near the high and the close near the low of the day.

 

This type of day is usually followed by another bearish day. To do so, we need to see NQ trading below key intraday support, which is at  7680.

 

If NQ remains above 7680 support on Thursday, we could see another rally attempt to break above October 2018 high, or it may just simply trade sideways ahead of the long weekend.

NQ Guideline For Wednesday

NQ continued to stair-step higher in a choppy and narrow trading range. On Tuesday a huge gap-up failed to trigger any buying or short-covering as NQ opened with a huge gap-up and then just trade sideways.

 

Without any major earning misses NQ should continue to stair-step high on Wednesday. Support has now moved up to 7655. As long as NQ remains above 7655, we should see another higher high on Wednesday

 

 

NQ Guideline For Tuesday

Another narrow range choppy day on Monday with NQ first breaking above Friday high in the morning then dropping down to support before rallying back up again.

 

Without any major earning misses, the pattern of choppy narrow range rally should continue. However, should NQ breaks below support that attract longer term algos we could see the market starting to sell-off.

 

Inflection price level for NQ on Tuesday will be 7640.

-- Above 7640 we should see another higher high before profit-taking knock it back down.

-- Below 7640 implies a test of support, first support is at 7620 the 7600. We could see stronger selling on a break below 7600

NQ Guideline for Monday

Another narrow-range choppy price action for NQ on Friday. With all the longer term algos still holding long positions with trailing stop-loss below support, NQ would need to break below longer term support such as the 20-day moving average on the daily chart to generate larger daily trading range..

 

Until NQ breaks below support and starts to run-over trailing stop-losses, the choppy narrow range pattern should continue because there are no more buyers at this level simply because everyone is already long.

 

With no longer term buyers and sellers involved, the market is just trading based on the short tem intraday traders, thus choppy narrow range action

 

Key inflection price level for NQ on Monday will be 7645.

-- Above 7645, upside target is higher high above Friday swing high.

-- Below 7645, downside target is 7625 support.

 

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NQ Guideline For Friday

Another choppy narrow-range trading action for NQ on Thursday. Because Friday tends to be a choppy day, it is very likely to be another choppy narrow range choppy day tomorrow, Friday.

 

Intraday inflection price level for NQ is again 7615, bullish above, bearish below.

-- If NQ should open below 7615, we could see a test of 7600 key support level. A clear break below could trigger some selling.

-- Opening above 7615 is an indication NQ may want to make another higher-high before pulling back down.

NQ Guideline For Thursday

Again another day of choppy narrow range day for NQ on Wednesday. With NQ still above all major supports on the daily chart, it could continue to stair step higher, in a choppy narrow range trading action.

 

Key short term intraday inflection price level for NQ on Thursday will be at 7615.

-- As long as NQ can stay above 7615 on any pullback down move, we should continue to see NQ making a higher high above Wednesday swing high.

-- Dropping back below 7615 implies more choppy sideways action.

NQ Guideline For Wednesday

NQ continued to trade sideways in a very narrow range on Tuesday, typical of a topping price action. Until NQ can breakout out of the current trading range, it is going to continue to chop around in a very narrow trading range. NQ would need to break down below 7536 key support level to trigger some heavy selling

 

Intraday balance price level for NQ on Wednesday will be at 7600, bullish bias above it, bearish bias below it.

NQ Guideline For Tuesday

NQ was again very choppy and narrow range on Monday as many longer term algos continue to stay long, thus it was left to short-term intraday algos to move the market. Without longer-term buyers and sellers, NQ can continue to slowly trade higher.

 

Key intraday price level for NQ on Tuesday will be 7610

-- IF NQ does not break below 7610 on Tuesday, it is going to rally to higher high above Monday high, with the next upside target is 7650. However, should the Fed triggers buy programs, we could see NQ rally to much higher level.

-- Trading back below 7610 target a decline down to its first support level, 7590. Should that breaks, we could see a quick drop to 7536 key support level.

NQ Guideline For Monday

NQ traded in a very narrow range on Friday simply because there is no more buyers at this level. At the same time, there is also no sellers at this level simply because NQ is still trading above all the key moving averages such as the 20, 50, 100 and 200 dma on the daily chart.

 

Without any new buyers, unless of course the Fed and/or the PPT triggers massive buy programs, the market is going to continue to be choppy and narrow range, until it break below price level where algos can start selling.

 

Key support for NQ on Monday will be 7575.

-- Bullish bias above 7575

-- A break below 7575 could trigger some selling from intraday traders, with first support at 7536. NQ needs to break below 7536 to trigger more selling.

NQ Guideline For Friday

NQ traded sideways above 7536 key line-in-the-sand on Thursday with a small false-break below it at around lunch time.

 

With Friday key employment number to be released before the market open, anything could happen. However, key line-in-the-sand will remain at 7536., bullish above and bearish below.

 

Because Friday tends to have a choppy sideways trading patterns, we could see NQ consolidating above 7536 or consolidating below 7536, depending on where it trades in relation to 7536 LIS.

 

Of course a highly unanticipated employment number could cause a trending move, although the probability of a trending Friday is low, it cannot be discounted.

NQ Guideline For Thursday

On Wednesday NQ opened with a gap-up above prior swing high, March 21 high, triggering short-covering rally that lasted the whole morning.

 

Without new buyers, once short-covering has ended, heavy profit-taking selling drop NQ sharply down to support before a small end of day profit-taking (buying) bounce near the close.

 

Going forward, and on Thursday, key support is March 21 swing high, 7536.

-- As long as NQ remains above 7536, selling will be limited to mostly profit-taking activities As such NQ either rally or simply trade sideways

-- A Break-back below 7536 is bearish and could cause liquidation selling as trailing stop-loss get run-over.

NQ Guideline For Wednesday

A slow choppy rally for NQ on Tuesday. With no buyers, and very overbought condition on the daily chart, It took forever to rally about 40 points or so from the low in the morning.

 

Without a decant pullback down move we could continue to see a very slow choppy narrow range rally again on Wednesday.

 

Key inflection price level for NQ on Wednesday will be 7515.

-- If NQ continue to trade above 7515 on Wednesday we could see a slow choppy rally, unless it could clearly break above double-top resistance from March 21 high and trigger a short-covering, 

-- A break above March 21 high could cause a sharp reversal if profit-taking above March 21 high get heavy.

Trading back below 7515 is bearish, implies pullback-down move is likely, with first support at 7480

NQ Guideline For Tuesday

NQ opened with a huge gap-up on Monday, like as a result of short-sellers covering their short because President Trump told the Fed to cut interest rate immediately. Many shorts might have panicked and cover ahead of the potential interest rate cut by the Fed. Remember the last time President trump told the fed to stop raising interest rate? The stopped raising interest rates. Using that ass a precedent, it is very possible the Fed would just cut rate before the next FOMC meeting just to please Mr. Trump

It was a breakout rally day for NQ on Monday, and it is usually followed the next trading day by a choppy sideways consolidation day, and the key confirmation of a choppy day is a break below its key intraday support, which on Tuesday will be at 7490.

 

-- Trading below 7490 implies a choppy day, a range-bound day, with first support at 7440, then lower support at 7400.

-- Trading above 7490 on Tuesday implies another potential trending up day, that is, as long as it can stay above Monday swing high.