NQ Guideline For Friday

Thursday was an inside day, a narrow range inside day. An inside day sets up potential breakout day, breakout out of the range, up or down.

 

The day following an inside day is easy to trade. If the open is outside prior day range, we could see a fast trending move away from the range upward or downward, as long as it does not break back into the range.

 

.The if it does break back into the narrow-range prior day range, the reversal is often fast and furious, targeting a beak to the other side of the narrow range day.

 

Key intraday inflection price level for NQ on Friday is 8950

-- Bullish above 8950 with first upside target at 9050

-- Bearish below 8950, with first downside target at 8850 then if the market is bearish, the next lower target is 8750.

 

NQ Guideline For Thursday

A trend up day for NQ on Wednesday. With every central banks pumping massive liquidity into the financial system the current bullish rally should continue for a while longer until the effect of liquidity infusion into the financial system runs out of positive effect, and deflationary forces takes over

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On the NQ daily trend, key price level for NQ rally to continue is 8200. Above 8200, NQ rally should continue, and may accelerates as the shorts scramble to cover.

 

On the intraday timeframe, key line-in-the-sand for NQ on Thursday will be 8960

-- Rally should continue above 8960. Next upside resistance is 9250

-- NQ is likely going into pullback down mode below 8960, support is at 8820

NQ Guideline For Wednesday

FOMC will announce their policy decision in the afternoon, as such anything is possible, will based our bias on the intraday balance price level, the intraday line-in-the-sand.

Key line-in-the-sand for NQ on Wednesday will be at 8775

-- Bullish above

-- Bearish below

NQ Guideline For Tiuesday

NQ opened above prior day high and the consolidated inside a narrow trading range above prior day high, a narrow range sideways day. On Tuesday NQ should continue to rally higher, or drop back down, and it will depend on where it trades in relation to its intraday line-in-the-sand.

 

Key LIS for NQ on Tuesday will be 8820.

-- Bullish above it, next upside target is 8975-9000,

-- Bearish below it, first support is the 200-ma on the 5-minute chart, 8740 as of Monday close.

 

FOMC meeting this week may keep the market choppy until FOMC announcement on Wednesday

 

NQ Guideline For Monday

NQ daily trend = UP.

NQ 60-minute trend = UP

NQ 5-minute trend = UP

 

NQ rally continued on Friday, with a close near the high of the day and in overbought zone on the 5-minute timeframe. As such, we could see some pullbacks in the morning on Monday.

Key support zone for NQ pullback, if any, in the morning is 8690-8700

-- As long as NQ decline does not break below 8690, we should see NQ rally to the next strong resistance, the double-top level at 8975.

-- If the open, as suggested by Globex trading price level on Sunday night, is above Friday's swing high, first support will be Friday high. If NQ can stay above Friday high on any pullback, we will likely see a trending breakout day on Monday. If so, we could see a break above double-top high of 8875.

-- If NQ should trade below 8690 on Monday we could see heavy selling. Strong support remains at 50-ma on the daily chart.

NQ Guideline For Friday

Although NQ daily trend is currently up, the rally could stall if S&P 500 and the Dow are not able to break above their key moving average, the 50-day moving average, as both indices are currently still bumping up again the 50-dma, now acting as resistance.

 

On the intraday timeframe, key Line-In-The-Sand for NQ on Friday will 8620

-- Trading below 8620 implies downtrend to the next support, first support at 8535, then 8250

-- trading above 8620 implies rally back to test the Thursday swing high

NQ Guideline For Thursday

NQ is clearly still in up-trending mode on the daily chart.

 

As expected on Wednesday, we have the follow-up rally from the bounce off the 50-ma on the daily chart on Tuesday.

 

The rally should continue on Thursday as long as NW pullback down move can stay above 200-ma on the 5-minute chart, at 8575 and the 1:1 pullback down move at 8560

 

Next resistance is 9000, a key price level to break.

NQ Guideline For Wednesday

On Tuesday NQ opened below key support. As such, triggered massive selling activities dropping NQ down to key very strong support , the 50-ma on the daily chart, from where it bounced .

 

Tuesday was the 2nd pullback down day for NQ. Whether or not NQ needs one more pullback down day before rallying depends on how strong a rally, if any, on Wednesday

 

The pattern looks set for a rally to intraday resistance, the 200-ma on the 5-minute chart on Wednesday. A break will set up further rally, failure to break is likely to send NQ back down to retest Tuesday's low.

 

Key intraday Lin-In-The-Sand for NQ on Wednesday will be at 8450

-- Bullish above it, with the next resistance at the 200-ma on the 5-minute chart, now at 8640 as of Tuesday's closing price.

-- Bearish below 8450, supports are at 8250-8300. It would requires a very bearish market conditions to break below those very strong support zone.

NQ Guideline For Tuesday

Although NQ daily trend is still up, the current rally momentum is slowing down, an indication that NQ may be ready to go into a 2 to 3 days pullback down mode.

 

For Tuesday, key price level will be at 8760.

-- A sustained break below 8760 is an indication that NQ is going into a pullback down mode, a break likely to trigger heavy selling that could tank NQ down to the next support at 8560. Keep in mind that NQ was in oversold condition on the 5-minute timeframe that could consolidate first in the morning before selling continues.

-- Trading back above 8760 in the morning on Tuesday implies NQ is not ready to pullback down.

 

Crude oil Futures, May2020 contract dropped down to minus $40 per barrel, the first time ever in history, and that is bad for the market.

NQ Guideline For Monday

Key NQ daily trend support on Monday is 8700

-- Daily uptrend continues above 8700

-- Daily uptrend will be in a 2 to 3 days pullback down move below 8700, downside target is 8300

 

As usual, the market traded sideways on Friday, traded down to support in the morning, then rallied up from support back to just below morning high and close just below morning high.

 

If NQ can stay above 200-ma on the 5-minute chart on Monday it is an indication the daily trend is still up, clearly trading below the 200-ma on the 5-inute chart indicates that NQ is in a 2 to 3 days pullback down move.

 

On Monday, key intraday line-in-he-sand for NQ will be at 8770

-- Bullish above it

-- Bearish below it with key support at the 200-ma on the 5-minute chart. A clear break below the 200-ma could trigger profit-taking decline down to 8300

NQ Guideline For Friday

NQ came down to test key intraday support level several times on Thursday before rally8ing and closing not far from day high.

 

The equity futures including NQ futures has rallied in after hours trading Thursday evening following President Trump announcement of a $2 trillion infrastructure project and an announcement from Gilead that they have developed a drug that is effective in treating the Covic 19 virus.

As such we could see continues rally on Friday. However, as Friday tends to be a sideways type of trading pattern, we should also be on a lookout for a possible sideways trading pattern.

 

The intense short-covering rally above the 5-day moving average on the daily chart should continue on Friday. Next key price level to break is the double-top at 9000 price level.

NQ Guideline For Thursday

On Wednesday, worse than expected retail sales figures cause the market to opened with a huge gap-down. However, short-covering helped push the market higher all day. As long as NQ remains above its 50-ma on the daily chart, short-covering should continue to push the market higher.

 

The 50-ma on the daily chart as of Wednesday's close is at 8400, and the 200-ma on the daily chart is now at 8240.

The job reports tomorrow is expected to be really bad. However, it can either be positive for the market or negative. As such key support level for NQ on Thursday will be at 8400 and 8240. As long as NQ remains above 8240 it is still in a bullish mode on the daily chart.

 

Intraday LIS for NQ on Thursday will be at 8580.

NQ Guideline For Wednesday

On Tuesday, NQ opened with a huge gap-up above key resistance, the 50-dma on the daily chart, triggered massive short-covering all day to close near the high of the day.

 

Going forward, as long as NQ remains above its 50-dma on the daily chart, now at 8410 price level, the upside target for this rally is above February high, above 9700.

 

The upside target will remain valid as long as price remains above the 50-dma.

 

On the intraday timeframe, the 5-minute chart, key support on Wednesday will be at 8610-8620.

-- Rally will continue on Wednesday as long as NQ does not trade much below 8610. Next resistance will be at double-top at 9000.

-- Trading below 8610 implies consolidation pr pullback down to lower level, next support is 8410 and the 200-ma on the 5-minute chart.

NQ Guideline For Tuesday

NQ traded sideways in a very narrow range on Monday but then started to breakout to the upside at the end of the day.

 

Tuesday will be the start of earnings reports and the reports would not be pretty. As such it may give the Fed further excuse to launch another round of stimulus money printing event, which should be bullish for asset prices such as stocks and gold

 

Key intraday support for NQ on Tuesday wi8ll be at 8220

-- Bullish above

-- Bearish below

NQ Guideline For Monday

As usual, on Thursday being the last day of trading ahead of the long Easter weekend, NQ traded sideways above key intraday support, the 200-ma on the 5-min chart.

On Tuesday key intraday line-in-the-sand will again be the 200-ma on the 5-minute chart, at 8180 as of Thursday's close.
-- Bullish above it, with resistance at 8300.
-- Bearish below it, with first support zone , also a critical support at 8000

NQ Guideline For Thursday

NQ traded above key 8000 support on Wednesday then spent the rest of the day rallying in a choppy fashion.

Key support for NQ remains at 8000 for Thursday, and until NQ break below 8000 selling should remain under control.

Key intraday inflection price level for Thursday will be at 8160
-- Bullish above 8160, but NQ is near overbought on the 5-minute chart, and also overbought on the 60-minute timeframe, so it may rally and then get sold, with resistance at 8230-8240.
-- Bearish below 8160 with support at 8000

NQ Guideline For Wednesday

A huge opening-gap up on Tuesday, but was sold aggressively, a large down day for NQ on Tuesday.

 

NQ closed at critical support level, prior swing high. From here, NQ either bounce or crash down through it on Tuesday. Breaking below it implies wave c rally on the daily chart has likely ended, with confirmation coming on a break below Monday swing low.

 

Thus key support for NQ on Wednesday will be 8000 with first resistance at 8150

-- Below 8000, first key support is 7650

 

Bear market might resumes

NQ Guideline For Tuesday

A breakout day for NQ on Monday, trend up all day, but started to bump into resistance, prior low and not far below the 200-dma on the daily chart.

 

For Tuesday key LIS is 7950 NQ

-- As long as NQ does not drop below 7950 we could see a rally to 200-dma 8225.

-- Breaking below 7950 will tank NQ to the next support level 7825.

 

NQ would need to break below Monday's swing low, 7750 to trigger massive selling which can tank NQ down to the next support 7550, but watch out for potential support at 7675

NQ Guideline For Monday

7400 support continue to hold for the third day in a row, and NQ rallied into the close, with the close just above key inflection price zone for Monday 7510

 

Key trading range for NQ is 7400-7660.

-- NQ has broken above key resistance in overnight trading on Sunday night. As long as NQ remains above 7660 at the open and soon after the open we have an upside breakout with first resistance at 7800.

-- The final upside target for this upside breakout is the 200-dma on the daily chart, 8225. However, 7850 is a very strong resistance zone. NQ has to clearly break above 7850 to get to the final upside target 8225 area.

-- Should NQ fail to stay above 7660, the downtrend has resumes and it will break below 7400.

 

For now, as long as N remains above 7660, the 8225 upside target is still in play.

NQ Guideline For Friday

On Thursday, 7400 key support held, and buyers came in aggressively, a sideways up-day for NQ on Thursday, with the closing high just below key resistance7660.

 

For Friday, key price level to watch is 7660 resistance and 7540 support.

-- Above 7660 NQ could ally further to 7700-7800

-- Below 7540 we would have a sell-off down to 7400. Breaking 7400 is very bearish.

NQ Guideline For Thursday

As expected, NQ sold off hard on Wednesday, dropping down to critical support at 7400, and in deep oversold on the intraday 5-minute timeframe, and may need to bounce before resuming its downtrend.

 

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

-- If NQ can stay above 7500 on Thursday we could see a rally towards the 200-ma resistance on the 5-minute chart, but with the market being so bearish, there is a good chance it may not get up to the 200-ma before sellers come back in.

-- Very bearish below 7500, with critical support at 7400. A clear break below 7400 could trigger massive liquidation selling with first support at its recent low, 6800.