NQ Guideline For Thursday

Wednesday trading and the next several days trading actions is going to be driven by the Fed, as such is likely to be either choppy sideways or bullish as the Fed continues to manipulate the market higher.

 

Key price level to use for Thursday's trading will be 8120.

-- If they can push NQ to trade above 8120 we could see NQ move higher on Thursday.

-- Failure to breakout above 8120 could rigger some selling, but key support is now at 8070. A clear break blow 8070 could cause more selling

NQ Guideline For Wednesday

NQ traded sideways on Tuesday, a down day but NQ remained above key breakout level, 8050. As long as NQ can stay above 8050, selling should remains under control.

 

Key price level for NQ on Wednesday will be 8050. The FOMC is going to announce their policy on Wednesday. however, 8050 will still be key inflection price level.

-- Bullish bias above 8050..

-- Bearish below next support is 8000. then 7800 

NQ Guideline For Tuesday

NQ was engineered to open higher above pervious swing high on Tuesday, hoping for short-covering or buying activities. However, it failed to trigger any buying activities or any short-covering activities. Without sufficient buying activities, NQ is going to go back down.

 

Key support now is the previous swing high from July, 8050.

-- Staying above it should keep selling under control. As such we could see more sideways trading action.

-- Breaking back below 8050 is going to generate algos selling and tank NQ back down.

NQ Guideline For Monday

On Friday NQ rallied right from the open as buy programs continued non-stop all morning. Tuesday could be a sideways day or another up day.

 

Key NQ price level to watch for on Monday is 8030

-- Trading above 8030 in the morning implies continuing rally to break the next swing high, 8050, before pausing or pullback down.

-- Trading back below 8030 in the morning implies a pullback down move is in progress. If so the next downside target is 7960

NQ Guideline For Friday

On Thursday NQ opened with a gap-up, then quickly dropped down to support before bouncing off support, and rallying. End of day profit-taking tanked NQ into the close, a sideways trading pattern for NQ on Thursday.

 

Key  inflection price level for NQ on Friday will again be 7910.

-- Bullish above it, next resistance is 7990

-- Bearish below it, next support is 7840

NQ Guideline For

Following Tuesday large down day NQ consolidated on Wednesday, setting up a down day or an up day on Thursday

Key inflection price is 7910 for NQ
-- Bullish above it, upside target is 7990
-- Bearish below it, downside target is 7840, a break implies more selling, next target is 7800

NQ Guideline For Wednesday

NQ opened with a gap-up on Tuesday. On the 60-minute chart, we can clearly see NQ opened to complete wave 5 of 5 for the wave from the October 03 low.

 

Wave 5 completion tends to open with a gap followed by a reversal which is exactly what happened today.

 

NQ decline stopped at key support 7840 on Tuesday, an important support. A break below 7840 on Wednesday is likely to attract a lot of selling. But the more important support comes from the daily chart, 7800.

 

A break below 7800 is going to trigger heavy selling from the daily chart algos. Next support below 7800 is 7500 area.

 

On Wednesday failure to break below 7800 could cause a bounce back up to 7930 area. 

NQ Guideline For Tuesday

A very narrow and choppy consolidation type of day for NQ on Monday, setting up a larger up trending day on Tuesday or a down day depending on where NQ trades in relation to its inflection price level.

 

For Tuesday key inflection price level for NQ is 7930.

-- Bullish above it, , an indication it is going to rally, next resistance zones are 8000 to 8500.

-- Should NQ trade Back below 7930 we could see some selling with strong support again at 7840.

 

On the daily chart, key support level is 7800. As long as NQ continues to trade above 7800, buyers are still in control.

NQ stayed above key support of 7840 but did not attract any buyers to caused a rally. NQ simply traded sideways in a very narrow trading range, setting up another down-leg if 7840 support breaks.

 

For Tuesday 7840 remains key support price level, a break could trigger some fast short term algo sell programs, if so, supports are 7800 then 7720

 

If NQ could stay above 7840 we could see another sideways day like Monday's or a rally day. But the patterns is indicating a potential drop to 7800 support before a rally attempt.

 

 

NQ Guideline For Monday

On Friday, a huge opening gap-up, using China trade deal as an excuse for the buy program, designed to trigger short-covering rally, but failed, as NQ traded sideways after the initial burst from the buy program, then closed back down

NQ closed just above key support 7840, setting up Monday's rally if NQ can stay above 7840, or Monday decline to lower supports if NQ should trade below 7840.

 

Supports are 7800 then 7720

NQ Guideline For Friday

Tweets by Donald Trump regarding China trade deal was used as an excuse by Trump's minions to trigger buy programs right at the opening bell on Thursday.

The early morning engineered rally never gain any traction as the 7800 strong resistance was again sold very aggressively, tanking NQ back down to its 200-ma on the 5-minute chart, now support, before bouncing back up. It was a sideways consolidation pattern for NQ.

 

Key intraday inflection price level for NQ on Friday will again be 7720

-- Bullish above it, strong resistance is still at 7800.

-- Bearish below it, with supports at 7650, then7600

NQ Guideline For Thursday

NQ opened above key inflection price level, in the bullish zone on Wednesday, thus keeping short seller at bay, forcing intraday shorts to cover, triggering a rally albeit a choppy narrow-range rally day.

 

On the longer term daily timeframe, NQ is still trading in a choppy price zone between 7500 and 7800, a 300-points trading zone on the daily chart. Until NQ can breakout of the 7300-7500 price zone, the choppy price action should continue for a little bit longer.

 

Key intraday price level for Thursday will be 7720.

-- If NQ can break back above 7720 and then stay above 7720 we could see another choppy rally day, next resistance is again at 7800.

-- Staying below 7720 is bearish but NQ would need to drop below 7650 to trigger heavy selling. If so, the next support is at 7600 then 7550.

NQ Guideline For Wednesday

NQ opened below prior day low, then sold off hard immediately dropping down to below prior support 7650 before rallying back up to retest the 200-ma key support-turned resistance.

 

When the rally rallied to break back above the 200-ma resistance on the 5-minute chart, seller came in aggressively tanking NQ back down to below early morning low, setting up a potential liquidation day.

 

Key price level for NQ going into Wednesday trading is 7670

-- Bearish below 7670, and very bearish if NQ can break and stay below Tuesday swing low.

-- We could see a consolidation if NQ trades above Tuesday's swing low. A break above 7670 implies a further rally to 7720 now strong resistance.

NQ Guideline For Tuesday

-- NQ daily trend is firmly down below 7800

-- NQ 60-minute trend is up

-- NQ 5-minute trend is up

 

After two large up-trending days from a bounce off the 200 day moving average on the daily chart, NQ consolidated today, the third day, setting up for another up-trending day, or a down day on Tuesday. The direction of the trend will depends on where NQ trades in relation to its key price level.

 

Key intraday inflection price level for NQ on Tuesday will be 7760.

-- Trading above 7760 implies NQ is trying to trend up again. In order to get more buyers to cause an up-trending day, NQ would need to break above 7800. Failure to break above 7800 is going to trigger another rounds of selling.

-- Trading below 7760 is bearish, implies NQ is in a down-trending mode. Supports are 7700, then 7650

NQ Guideline For Monday

Friday was the second rally day following a bounce off the 200-day moving average on the daily chart. The two consecutive day of rally has taken NQ back up to just below strong resistance at 7800.

 

If NQ can break and stay above 7800 we could see another sharp rally day. But failure to break or stay above 7800 will attract short seller and tank the market back down to the 200-dma key support on the daily chart.

 

Key short-tem intraday  inflection price level is 7740.

-- Trading below 7740 is an indication NQ is going down to text the 200-ma on the 5-min chart, which as of Friday's close was at 7650. If that should break we should see a retest of the 200-dma on the daily chart.

-- Trading above 7740 will keep the intraday 5-minute trend in the bullish camp, but strong resistance is at 7800. NQ would need a sustained break to trigger short-covering rally.

NQ Guideline For Friday

NQ bounced sharply on Thursday after dropping down to its key 200-day moving average on the daily chart in the morning.

 

NQ then closed just above key resistance of 7650. If it can stay above 7650 on Friday it could trigger more short-covering rally, with the next strong resistance at 7800.

 

Trading back below 7650 implies consolidation with the next support at 7550. It is also possible for NQ to have a very strong one day bounce off the key 200-dma.

NQ Guideline For Thursday

-- NQ daily trend = down, in minor oversold zone

-- NQ 60-minute trend is down, but in deep oversold

-- NQ 5-minute trend is down, now sitting at key inflection price level, 7550

 

The stock market sold off hard on Wednesday following a weak ISM manufacturing numbers, indicating an incoming recession, and the beginning of a bear market.

NQ opened below prior day low on the 5-minute chart on Wednesday, and below trend-line support on the daily chart, and below consolidation low 7650 triggering massive algorithm selling.

 

It was a very intense selling type of day on Wednesday. There is a good chance the market needs to consolidate the selloff day on Thursday.

 

A continual selling however, will cause another large down day, with target at 200-day moving average, and likely breach the 200-dma on the daily chart

NQ Guideline For Wednesday

Attempted rally failed on Tuesday. ISM manufacturing showing a contraction for the first time in ten years. Recession is coming sooner that most think.

7800 is key level to break to the upside. Failure to break and then stay above 7800 is going to bring in selling especially now that recession is coming.

 

Intraday line-in-the-sand for NQ tomorrow will be 7720.

-- More selling below 7720.

-- Consolidation above 7720