NQ Guideline For Friday

-- NQ daily trend = down, in pullback-up mode

-- NQ 60-minute trend = up

-- NQ 5-minute trend = up

 

On Thursday NQ opened with a huge gap-up above key resistance but again failed to trigger any buying activities. Insiders is using the engineered rally and gap-up to download their portfolio ahead of the bear market. As such, NQ simply trade sideways all day Thursday.

 

NQ could continue to trade sideways on Friday, with key resistance now at 7770, and key support at 7650.

 

Inflection price level for Friday will be 7715.

NQ Guideline For Thursday

-- NQ daily trend = down

-- NQ 60-minute trend = up

-- NQ 5-minute trend = up

 

NQ opened with a gap-down, then reversed and rallied all day on Wednesday, an up day. NQ closed just below key 20-dma on the daily chart, at 7610 as of Wednesday close.

 

7610 will be key resistance and key line-in-the-sand for NQ on Thursday.

-- Failure to break above 7610 could again bring in heavy selling on a break below 7550. If so, support is at 7300, the 200-dma on the daily chart

-- Breaking above could trigger some short-covering, next resistance is at 7760

NQ Guideline For Wednesday

NQ daily trend = Down

NQ 60-minute trend = Up

NQ 5-minute trend = Up

 

On Tuesday, engineered large gap-up open failed to trigger short-covering to cause a rally. NO failed to break above 7650 key resistance, thus trigger heavy selling causing large down move to key support before rallying a bit in the afternoon.

 

At the end of the day on Tuesday the pattern on the daily chart is bearish. However, both the 60-minute chart pattern and the 5-minute chart pattern are showing some bullish configuration at the close on Tuesday.

 

Key intraday price level for NQ on Wednesday will be 7590.

-- Bullish above but strong resistance is again at 7650.

-- Bearish below 7590, first support is again at 7550. If 7550 should get clearly broken to the downside we could see some heavy selling. The 200-dma on the daily chart, will be support, is currently at 7300

NQ Guideline For Tuesday

On Monday NQ opened with a gap-up, above intra-day inflection price level, in the bullish mode. After pulling back down to test supports, NQ slowly rally up in a choppy pattern, finally closing just slightly above the 200-ma on the 5-minute chart.

 

The 200-ma on the 5-minute chart, 7585, will be the key line-in-the-sand for NQ on Tuesday.

-- Trading above 7585 implies NQ is likely going higher, first resistance is at 7650. Failure to break above 7650 is going to attract heavy selling on Tuesday or on Wednesday.

-- Trading below 7585 is bearish for NQ on Tuesday, an indication NQ may resume its downtrend without further pullback rally.

 

Trump tweet about trade war with China could turn the market around in an instant, so watch out for it.

NQ Guideline For Monday

-- NQ daily trend = down

-- NQ 60-minute trend = down

-- NQ 5-minute trend = down

 

On Monday, there is a 20% chance NQ would crash down to its 200-day moving average on the daily chart, now at 7300, and 80% change consolidating the huge Friday sell-off, the key is where it trades in relation to its intraday inflection price level.

 

The stock market sold off hard on Friday after China announced their new tariff on imports from the USA, then Trump lost it on twitter.

Desperate Trump is going to do a many stupid things that would trigger a real stock market crash simply because the world economy is already in recession.

 

Key intraday inflection price level for NQ on Monday will be 7500.

-- Trading above 7500 is an indication NQ is likely going to consolidate the huge decline on Friday before it tank again. If so, first resistance is 7550, then 7650.

-- Trading below 7500 is bearish and could trigger another round of liquidation selling, first support is 7300, the 200-dma on the daily chart, likely to break intraday.

NQ Guideline For Friday

-- NQ daily trend = down

-- NQ 60-minute trend = down

-- NQ 5-minute trend = down

 

NQ sold off hard soon after the open in the morning on Thursday which then panic the Fed into buying to support the market ahead of Chairman Powel Friday speech. The Fed is going to continue to support the market on Friday just to keep selling under control.

 

Key intraday price level for NQ on Friday is 7650 support and 7750 resistance.

-- NQ would need to clearly break above 7750 to force some of the short-sellers to cover, and cause a rally.

-- NQ is bearish intraday below 7750, but needs to break below 7650 to trigger heavy selling that could run-over the Fed buying power, unless of course they come in with an even bigger buy programs. 

 

All eyes will be on the Fed Chairman Friday when he speaks at the Fed's annual Jackson Hole Economic policy Symposium.

 

NQ Guideline For Thursday

-- NQ daily trend = Down

-- NQ 60-minute trend = Up

-- NQ 5-minute trend = Up

 

Not much happened on Wednesday. Tuesday night buy programs cause a big gap-up on for NQ on Wednesday, but without other buyers participating, NQ simply traded sideways all day on Wednesday.

 

Key resistance for NQ on Thursday will again be 7550

-- Bearish below

-- Bullish above

 

Ahead of Fed Chairman speech on Friday the Fed is very likely going to continue to buy the stock market to keep it up

NQ Guideline For Wednesday

-- NQ daily trend = down, in pullback-up mode on Tuesday. However, the daily downtrend may have started to resume back down on Tuesday afternoon.

-- NQ 60-minute trend = down as of Tuesday's closing price.

-- NQ 5-minute trend = down as of Tuesday's closing price.

 

On Tuesday, buy programs triggered right at the open failed to break above key resistance 7750. As expected, sellers cam in to sell in the afternoon, and the selling seems to intensify into the close, setting up a bearish day on Wednesday, unless it can break back above intraday resistance, 7700 for Wednesday

 

As mention intraday resistance for NQ on Wednesday is 7700, intraday sup[ort is at 7550

-- Below 7700, sellers would have the upper hand, first support and key support at 7650. 

-- Trading back above 7700 should keep seller under control, key resistance is again at 7750. 

NQ Guideline For Tuesday

--NQ Daily trend = down, but in pullback-up mode, now bumping up against strong overhead resistance at 7750 during Monday's trading.

-- NQ 60-minute trend = up, now at strong resistances, 7750 and 7800.

-- NQ 5-minute trend  = up

 

On Monday, the market was engineered up overnight during very light trading volume session. NQ opened with about 100-points gap-up, but failed to trigger any buying, as such, NQ simply traded sideways most of the day on Monday.

 

NQ is now at just below key resistance, 7750, line-in-the-sand for Tuesday's trading.

-- NQ needs a sustained break above 7750 to trigger some buying. If the Fed can manipulate the open above 7750 it is very possible that the shorts would have to cover. If so, we can see a sharp large up day.

-- Failure to break above 7750 is going to attract selling which would push NQ down, first support is at 7650.

NQ Guideline For Monday

NQ Daily trend = Down but in a pullback-up mode as of Friday

NQ 60-minute trend = Up

NQ 5-minute trend = Up

 

On Friday NQ opened with a huge gap-up above key 7550 resistance, designed to trigger short-covering, which, after trading sideways for short while, rocketed up as the shorts  got squeezed.

 

Without any longer-term timeframe buyers, NQ then simply trade sideways into the close. The close was right at key intraday line-in-the-sand, 7610, for trading on Monday.

 

For Monday, where NQ opens in relation to 7610 LIS will be very important.

-- Opening and staying above 7610 is bullish and may trigger more short-covering, next strong resistance is 7750, then 7800.

-- Opening below 7610 is an indication NQ is going into a pullback down mode intraday down to key support again at 7550. As long as 75509 holds, we should NQ rallying back up.

NQ Guideline For Friday

-- NQ daily trend = down, and should continue to decline as long as 7550 key intraday resistance is not violated.

-- NQ 60-minute trend = down, and should continue to decline as long as 7550 key intraday resistance is not violated.

-- NQ 5-minute trend = down, and will remains in sell mode below 7520, and buy mode above 7520.

 

A sideways consolidation patt6ern for NQ on Thursday as the market digest the large down day on Wednesday. A sideways pattern is a setup for the next trending move, likely to the downside because the longer-term trend is down.

 

Key intraday line-in-the-sand for NQ on Friday will be 7520.

-- Bearish below it

-- Bullish and in buy mode above it, the next higher resistance is 7550.

 

Hong Kong street protest designed to weaken China could be the black swan that would crash the global economy.

NQ Guideline For Thursday

NQ daily trend = down

NQ 60-minute trend = down

NQ 5-minute trend = down

 

A huge gap-down open for NQ on Wednesday, and the decline continued, a large down day for NQ, with a bearish close.

 

Key intraday line-in-the-sand for NQ on Thursday will be 7520.

-- Selling is likely to continue below 7520 with the next support at the 200-dma daily, 7280 and NQ could overshoot that level to the downside if selling get intense.

-- Short-term bullish above 7520, first resistance is 7550 then 7650.

 

Crash alert is warranted at this time.

NQ Guideline For Wednesday

NQ daily trend = Down below 7750

NQ 60-minute trend = Up

NQ 5-minute trend = Up

 

On Tuesday, massive buy programs by the Fed/PPT triggered right at the open pushed NQ up about 200 points on the NQ before it stalled as the daily algos started to come in to sell.

On Wednesday, the Fed/PPT buy programs should continue. However it is  going against several layers of strong resistances. As such, they have to come in with massive buy programs if they are going to have a chance to succeed.

 

Key resistance on NQ for Wednesday are 1). 7750 (50-dma daily), then 2). 7800 (20-dma daily) then 3). 7840-7850 prior swing low now resistance.

 

7750 will be intraday Line-In-the-Sand for NQ on Wednesday, bearish below it, first support is at 7650, then key support is at 7550, bullish above, see resistances above.

NQ Guideline For Tuesday

NQ daily trend = down

NQ 60-minute trend = Down

NQ 5-minute trend = down

 

Monday was the second down day, as such we could see NQ try to rally but key resistance will be at 7650. Failure to break above 7650 could bring back more selling.

 

For selling to continue lower, NQ would need to break below 7550 support, a strong support, prior swing high resistance now support. On a clear break below 7550 the next lower support is the 200-dma on the daily chart, now at 7275.

NQ Guideline For Monday

NQ Daily Trend = DOWN

NQ 60-minute Trend = UP

NQ 5-minute Trend = UP

 

On Friday NQ traded sideways as usual for Friday, with a trend down to support in the morning then rally in the afternoon, with a close right at key inflection price level for NQ on Monday.

 

Key NQ intraday inflection price level for Monday is 7660, bullish bias above it, and bearish bias below it.

-- First support below 7660 is 7620. Then key breakdown support is 7550 which should be a strong support zone, thus a clear break could trigger heavy selling.

-- NQ should turn bullish intraday above 7660, but key breakout resistance is at 7720. A sustained break above 7720 could trigger some short-covering rally as shorts covers, with higher resistance at 7800 and then 7850.

NQ Guideline For Friday

NQ Daily Trend = DOWN, and in Pullback-up Mode

NQ 60-minute Trend = DOWN, and in Pullback-up Mode

NQ 5-minute Trend = UP, in overbought condition

 

Thursday was day 3 pullback, and the pullback rally continued on Thursday. Tomorrow will be day 4 pullback and close at key inflection price zone on the daily chart and the 60-minute chart. As such, we could see either another rally-up day on Friday, or consolidation sideways day as is usually the type of day on Friday, or a resumption of the downtrend which started on August 01.

 

Key price level for NQ on Friday will be 7720.

-- Bullish above it, next strong resistance is 7800.

-- Bearish below it  first support is 7625, then 7550

NQ Guideline For Thursday

NQ daily trend = down, and in pullback-up mode

NQ 60-minute trend = down and in pullback-up mode

NQ 5-minute trend = up

 

Wednesday was day 2 of the current pullback-up move on the daily chart, bouncing off the 200-day moving average on the daily chart. As I mentioned yesterday, pullbacks normally last 3 to 4 days, as such, we could see the downtrend resumes on Thursday or Friday.

 

I would expect the 200-day moving average on the daily chart to hold, even if there is an intraday violation. The Fed is going to defend the 200-dma aggressively as they worry about President Trump criticism of their policy.

 

The bounce from the 200-dma could last about 1 to 1.5 month, re-testing the high, expecting a lower  high before dropping back down, a very sharp and sustained decline, Elliott Wave call it wave 3 downs (daily chart) and it should easily break below 200-dma down to retest and break below December 2018 low before we can get a sustained rally back up.

 

For Thursday, we look for more rally above 7500. Key level to watch for is Monday low, a break below could run-over large concentration of stop-losses which could cause a temporary intraday violation of the 200-dma on the daily chart.

 

Key NQ intraday level on Thursday is 7500

-- Bullish above it, next strong resistance is 7700 area, price zone where sellers will come back in aggressively.

-- Bearish below it, 200-dma support is now at 7260, but look for it to be violated on intraday basis.

NQ Guideline For Wednesday

NQ Daily Trend = Down and in pullback-up mode.

NQ 60-minute Trend = Down and in pullback-up mode

NQ 5-minute Trend = Up as of Tuesday close

 

NQ was in pullback-up mode on Tuesday, an oversold bounce from the 200-day moving average on the daily chart, and after four days of very unusually strong sell-off days. 

 

Pullbacks usually takes 3 to 4 days to complete, but the current sell-off is so strong that it is very possible for it to have just one pullback day (Tuesday was day one pullback). As such the downtrend may resume tomorrow after Tuesday's pause.

 

Breaking below Tuesday's low could trigger enough selling to tank NQ quickly down to its 200-dma on the daily chart, 7260.

 

As long as NQ can stay above Tuesday's swing low we could see continual choppy consolidation with strong resistance at 7700

 

Intraday inflection price level for NQ on Wednesday is 7500, bullish bias above it, bearish bias below it.

 

On Tuesday, President Trump labeled China a "Currency Manipulator"  

NQ Guideline For Tuesday

NQ Daily Trend = Down

NQ 60-minute Trend = Down = Oversold

NQ 5-minute Trend = Down = Oversold

On Monday, NQ opened with a huge gap-down which was then followed by a huge trend down, over 300-pointd lower from last Friday's closing price. All nasdaq 100 stocks were trading down on Monday.

 

NQ futures has already dropped down to 7250, the key 200--dma on the daily chart in after hours trading. 7250 will be crucial support level for NQ on Tuesday.

 

If the algos buying activities at the 200-dma can halt the decline, around the 7250 price zone, we could see a sideways consolidation or even a sharp rally on Tuesday. A clear break below 7250 could crash the stock market -- are we going to see black Tuesday?

 

Key intraday inflection price level for NQ on Tuesday is 7420

-- We could see a small profit-taking rally if NQ can stay above7420 on Tuesday

-- Bearish below 7420, with the next major support at 7250, the 200-dma on the daily chart

NQ Guideline For Monday

NQ daily trend = UP above 7700, will change to downtrend below 7700

NQ 60-minute trend = Down

NQ 5-minute trend = Down

 

Trump new tariff on imports from China spooked global market on Thursday, and may be the catalyst for the starts of the bear market that should last several years.

Key price level for NQ on Monday will be 7700.

-- Trading below 7700 is going to trigger daily-based algos sell programs which could quickly tank NQ down to its 200-dma on the daily chart now at 7250.

-- Overnight NQ is trading below 7700, and unless the Fed intervene aggressively overnight tonight we could see a stock market crash come Monday.

-- Trading back above 7700 could cause some short-covering rally. First resistance is 7800, then 7850.

NQ Guideline For Friday

NQ Daily Trend - UP - in pullback down mode

NQ 60-minute Trend = Down - Oversold

NQ 5-minute Trend = Down - Oversold

On Thursday The Fed buy programs managed to rally the stock market sharply in the morning but then, perhaps intentionally done to tank the market, President Trump announced new tariff on goods imported from China, which instantly caused the stock market to tank hard.

 

The selloff should continue and the starts of the bear market that should last several years might have just begun, and may already be irreversible.

 

Key support level for NQ going forward is 7800, very bearish below it.

-- NQ has already sold off overnight. Unless they could somehow push the stock market up to above 7800 by the opening bell, we could see a mini crash or a major crash, buyers beware

 

The next strong support is 7600, but on a strong sell-off, panic selling could easily crash price through any support.