NQ Guideline For Monday

The Fed/PPT must have spent a lot of money to try to keep the stock market up. When the market tried to sell-off after President Trump speech regarding China, massive buy programs was triggered on two occasion to prevent the market from crashing.

I would suspect the buy programs is going to continue for a while longer, therefore, unless the market breach key technical support level, the buy side will continue to be a better trade. A time will come when the market breach key support level and over-run the Fed buying power. 

 

On the short-term intraday timeframe, key price level for NQ on Monday will be at Friday swing high.

-- At the close of Friday's close,  NQ was in overbought zone. As such, it may need to consolidate before moving back up again. Key support for consolidation is 9480-9500. As long as this support is not breach, NQ should then resume its uptrend. A break below 9480 will change our bias from bullish to bearish.

-- Trading above Friday high at the open, and then staying above Friday high implies NQ is in breakout mode, as such, should trend up to at least until late afternoon before reversing back down, if any..

 

Trump-China war is and George Floyd protest is going to dominate the market on Monday. 

NQ Guideline For Friday

NQ rally that started at the 20-day moving average on the daily chart on Wednesday, continued into Thursday morning that continued on into late Thursday afternoon when it started to dropped out of bed, dropping down fast and large, about 180 points down from the day high, dropping down to support before it bounced a bit into the close on profit-taking..

 

NQ closed just above the 200-ma on the daily chart, 9420, which will serve as a key line-in-the-sand for trading on Friday.

-- Since NQ end of day low was in oversold zone and close above 9420 line-in-the-sand, we could see a choppy action above 9420 on Friday if the open is above 9420.

-- Opening below 9420 implies a potential choppy action below 9420, or a sharp sell-off if key support 9340 is violated. 

NQ Guideline For Thursday

Following a reversal down day for NQ on Tuesday, NQ opened and sold off hard in the morning on Wednesday, dropping down to 20-ma on the daily chart where buyers came in very aggressively, reversing NQ back up to above the morning high and close just above the 200-ma on the 5-minute chart.

 

The 200-ma on the 5-minute chart (9420) will be line-in-the-sand for NQ on Thursday.

-- If NQ opens above 200-ma on Thursday we could see a short-covering NQ rally. If so, the upside target is above Tuesday swing high.

-- If, on the other hand, NQ should trade below the 200-ma on the 5-minute chart soon after the open on Thursday then we could see NQ dropping back down to the 50-ma on the 5-minute chart, with key support at 9340.

-- A clear break below 9340 is an indication NQ is going down to retest Wednesday's low.

 

NQ Guideline For Wednesday

NQ was manipulated higher on Monday morning and then Monday evening during very light trading volume globex session, the goal was to trigger a huge gap-up which then triggers massive short-covering rally. It failed.

 

NQ opened with a huge gap-up on Tuesday but was sold, short-covering and the Fed buy programs failed to hold the market, particularly NQ up. The sell-off continued into the close.

 

Key Line-in-the-Sand for NQ on Wednesday will be at 9440.

-- A break-back above 9440 implies that Tuesday selling has ended, and that NQ is going to trend back up, with upside target a higher high above Tuesday swing high. However, key resistance to break is 9480. NQ needs to break above 9480 to get to higher high. Failure to do so will send NQ back down.

--  NQ is bearish below 9440, with the next important support at 9340. Breaking below 9340 is bearish

NQ Guideline For Tuesday (June Contract)

The low volume globex trading session is very cheap and easy to manipulate, up or down. Currently, as I write, NQ futures is up almost 200 points in overnight session, and if NQ should open at the current trading price level, that would be one of the biggest gap-up open on record.

 

As such, it would put NQ already at its upside target, and could open and then tank hard, unless of course the Fed continues to aggressively buy at the open to trigger short-covering rally. If so, then we can also see a big trend up day on Tuesday.

 

As such, any trades taken immediately at the open will have a 50/50 probability of winning/losing, as the market can go either way.

 

Key price level to watch for potential support after the open is 9510.

-- If NQ sell-off after a huge gap-up open can stay above 9510, prior high-now support, we should see NQ rallying back up.

-- A break below 9510, on a pullback down move, is going to trigger massive selling, with the next lower support at 9410

NQ Guideline For Friday

NQ tried to rally soon after the open on Thursday, breaking out above Thursday swing high but then failed, triggering sharp reversal, and then close at the day low on Thursday.

This type of pattern, reversal day is usually followed by a trending day the following day. As such we can expect NQ to trend down on Friday.

 

However, since Friday tend so be a choppy sideways consolidation type of day, we should also be on a look out for potential sideways day.

 

Key intraday price level for NQ on Friday will be at 9400.

-- Bearish below 9400, but key support is at 9300. NQ needs to break and stay below 9300 to cause a trending down day on Friday.

-- If 9300 should provide support on Friday we could see NQ rally back up to 9430

NQ Guideline For Thursday

Another rally day in the market on Wednesday, the shorts continued to cover, NQ is now approaching its upside target. As long as NQ continue to trade above 9340 the rally should continue without any large pullbacks.

Key intraday inflection price level for NQ on Thursday will be 9460, bullish bias above it, bearish bias below it.

-- If NQ trades above 9460 after the open tomorrow it is an indication NQ is going to continue to rally to another higher high above Wednesday's swing high, reasonable upside target at 9600.

-- Trading below 9460 is an indication NQ is going to trade down to support, a strong support at the 200-ma on the 5-minute chart, 9400 as of the close on Wednesday before rallying back up again. Should NQ drops lower, key support is at 9340.  The market needs to be very bearish to break below 9340.

NQ Guideline For Wednesday

NQ continued to rally on Tuesday then reversed late in the day, dropping down to key intraday support, the 200-ma on the 5-minute chart.

 

It is very likely that we may get a rally in the morning to retrace the late day selloff. A retracement to the .618-.786 of the late day selloff (9370-9390) would set up another sharp leg down to the next support level, 9100-9200 zone.

 

A break-back above Tuesday swing high would set up a bullish up-trending day for Wednesday.

 

Key intraday inflection price level for Wednesday will be at 9330, the location of the floor trader's pivot and the 50-ma on the 5-minute chart (9380) as of the close on Tuesday.

-- Bullish above it

-- Bearish below it

NQ Guideline For Tuesday

A gap-up and rally day for NQ on Monday. After the morning rally, NQ traded sideways, looking like a topping pattern before pulling back down on Tuesday. There are a couple of possible intraday pattern developing for NQ on Tuesday.

 

The first potential patterns is for NQ to rally to higher high in the morning and then pulling back down during lunch or in the afternoon.

 

The second potential intraday pattern for NQ on Tuesday will be for NQ to trade down in the morning soon after the open, then rally during lunch to make a higher high above Monday high. 

 

Pullback downside targets is 9200 - 9150

 

Congress passed  the $3 trillion stimulus bill on Friday, total stimulus since March is $7 trillion dollars

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NQ Guideline For Monday

On Friday we say NQ pulling back down to support before continuing to rally into the close, with a small profit-taking decline at the very end.

 

On Monday we could I am looking at two possible NQ intraday patterns to play out, and it would depends on the morning price action pattern.

 

First possible pattern: If we get a rally in the morning into resistance, 9200-9250 area, I will be looking for NQ to reverse back down during the lunch period into the close, with a small profit-taking rally at the very end of the day.

 

The second possible pattern: If we get a downswing pattern in the morning, down to support 8980 - 9000, I will be looking for NQ to reverse back up during the lunch period into the close, with a small profit-taking decline at the very end of the day.

 

Key intraday Line-in-the-Sand for NQ on Monday will be at 9100.

NQ Guideline For Friday

NQ traded si8dewys in the morning on Thursday. Buyers continued to buy the dip down to support, NQ eventually reversed and rally, breaking several resistance.

 

With the close above key intraday resistance now support, the 200-ma on the 5-minute chart, NQ looks set to rally on Friday with first upside target at 9240.

 

Key intraday Line-in-the-Sand for NQ on Friday will be at 9040.

-- bullish above it with first upside target at 9240.

-- Bearish below it, with key resistance at 8880

NQ Guideline For Thursday

Another large down day for NQ on Wednesday, NQ dropping down to the 20-ma on the daily chart, and bounced.

 

Intense selling may paused on Thursday if the daily chart 20-ma support, 8880 could hold the current selling. If so, we could see NQ rallying back up to one of the resistances, 9040, 9140 and then 9240.

 

Key intraday line-in-the-sand for NQ on Thursday will be at 8940

-- Bullish above, implies rally day or just sideways consolidation day

-- Bearish below it, with key support at 88801. Below 8880, all hell may break lose.

 

Wave 3 decline may have started

NQ Guideline For Wednesday

NQ traded sideways most of the day until late afternoon when NQ broke below the 200-ma on the 5-minute chart, and then tanked.

 

NQ futures continue to tanked over 100 points below the close soon after the globex opened but as I write this blog at around 11.30 pm eastern standard time, NQ futures has manage to regain some of the loses. The reason for the selloff is the China sanction being proposed by the Senate.

 

We should get one to two more days of selling before a bounce, unless NQ can break-back above its 200-ma on the 5-minute chart, Until then supports are 9040, 8975 and 9860

 

Key support for NQ on Wednesday is 9040.

-- Trading above 9040 is an indi8cation that selling has temporarily paused, and could cause some rally.

-- Below 9040, liquidation selling should continue, lower supports are 8975 and 9860

NQ Guideline For Tuesday

Short-covering rally conti9nued on Monday with a gap-down open that rallied into the end of the day, with just a small profit0taking decline near the close.

 

Key intraday line in the sand for NQ on Tuesday will be at 9300.

-- If NQ should trade below 9300 when the market opens on Tuesday we could see more profit-taking with key support at 9200, the 200-ma on the 5-minute chart.

-- Opening above 9300, or trading back above 9300 should trigger more short-covering rally. If so the next upside target will be at 9200.

 

At the end of the day on Monday, NQ was in overbought condition both on the 60-minute timeframe and the daily timeframe, and could cause larger pullback decline on Tuesday before rallying back up again..

NQ Guideline For Monday

A narrow-range up day for NQ on Friday. The short continued to cover, and without buyers except for the short-covering plus the Fed, we could see NQ continuing to rally in a choppy narrow-range pattern

 

Intraday Line-in-the-Sand for NQ on Monday will be Friday swing high at 9220.

-- NQ is bullish above 0220 with the next upside target at 9270-9320 zone.

-- Target on a break-back below 9220 is the 200-ma on the 5-minute chart, 9120

NQ Guideline For Friday

On Thursday NQ opened with a gap-up above prior swing high, then successfully retested the breakout level before trending back up again.

 

NQ remained above the breakout price level, 9030 all day setting up a likely bullish day for Friday. With NQ trading way above Thursday swing high, NQ should continue to be bullish as long as it can continue to stay above Thursday swing high.

 

A break below Thursday swing high will be bearish, with key support at 9030.

 

Friday employment report is likely to determine the direction of Friday trend.

NQ Guideline For Thursday

After a trending day on Tuesday NQ traded sideways in a choppy and narrow range consolidation pattern. Once consolidation ends, we could see a trending move, the direction depends on where NQ trades in relation to key LIS of 8940.

 

Key inflection price level for NQ on Thursday will be 8940.

-- Bullish bias above it, with upside targets at 9040, then 9140

-- Bearish below, with first downside target at 8840, and 8740..

NQ Guideline For Wednesday

As expected, NQ opened with a gap-up, and then rallied all day until the end of the day due to profit-taking which caused a large decline.

 

Key price level to watch for on Wednesdays is 8900 support, 8970 resistance, 8900-8970 trading range. A breakout of the range could cause a fast move away from the range.

 

NQ seems more likely to to drop below 8900 now support as of Tuesday's close. If so, next support zone is 8780-8820 

 

 

 

 

NQ Guideline For Tuesday

After a sharp decline on Friday, NQ rallied on Monday, and close above key price level, 8780 on Monday, setting up a potential huge gap-up open then followed by a strong rally on Tuesday as the shorts are forced to cover.

 

If so, the next upside target is 8980 resistance, but 8910 is a strong resistance level, and has the potential to stop the rally.

 

Key support for NQ on Tuesday will be at 8760.

-- As long as NQ stays above 8760, NQ has a bullish bias.

-- A break below 8760 will turn NQ bearish. If so, we can see NQ testing Monday low. A clear break of Monday low could tank NQ down to the next support level at 8600

NQ Guideline For Monday

NQ opened below key support on Friday, thus triggered massive selling activities, resulting in a trending down day on Friday.

 

With the short-term timeframe in deep oversold territory at the , we could see morning downtrend get reversed back up, as long as the market is not extreme bearish.

 

Key intraday inflection price level for Q on Monday will be at 8700.

-- Should NQ trades above 8700 we could see NQ rallying up to one of the resistances, with the first resistance at 8750 , then 8800.  If 8800 should break, the ultimate upside target for NQ on Monday will be 8880.

-- Should the general market is bearish, and NQ trades below 8700, the next downside target is at 8600, then 85590.