Another choppy narrow range sideways type of day for NQ on Friday. NQ needs to break out of the 13,400-13,800 to trigger a wide-range trending day. Until then we can expect NQ to remain in a choppy and narrow-range type of pattern.
On Tuesday, key line-in-the-sand is 13,710, support at 13,500-13,570, resistance at 13,800
Another choppy and narrow-range trading pattern for NQ on Thursday, trading just below strong resistance, and not able to break above resistance.
NQ either has to break down to support to get it out of the current narrow trading range, or breakout above resistance and trigger short covering. It could happen tomorrow, but it does not need to happen especially on Friday when market tends to be choppy.
Support is 13,670, and resistance is 13,720, a 50-point range.
NQ traded sideways again in a very narrow range on Wednesday. Until we get a decent pullback decline it may just continue to remain choppy unless it can clearly breakout above 13,800 and triggers massive short-covering.
Until then, NQ may just continue to slowly rally up and up or drop down sharply below support, now at 13,360
On Tuesday NQ traded sideways as expected following a trending up day on Monday. A sideways day is a set-up for a big move, likely to hapen on Wednesday.
Key line-in-the-sand for NQ on Wednesday will be at 13,600, bullish above and bearish below it.
If NQ should rslly on Wednesday, with NQ already in overbought zone on the 60-minute time frame, It is likely that NQ rally could get reversed if it rally to 13,750-13,875 zone quickly.
Opening below 13,600 is bearish, with lower supports coming in at 13,400-13,450
On Monday NQ opened with a huge gap-up, and then trend up all day with a small profit-taking selling at the end of the day, setting up a high probability non-trending day on Tuesday.
Key line-in-the-sand for NQ in the morning on Tuesday will be at 13,670, bullish above, target higher high before reversing back down
Bearish in the morning if open is below 13,670. If so, the downside supports comes in at 13,660 and 13,480 before rallying back up.
On Friday NQ opened with a gap-up above Thursday high, but then reversed and trend down all day into the close.
With the closing price sitting just above key support of 13,400, we could see NQ either rallying back up to a higher high above Friday high if it open and stay above 13,400, or trend down to to support if the open is below 13,400.
Downside targets and supports are 13,175-13,225
As expected, NQ opened with a huge gap-up and then trend up all day with a small profit-taking decline at the end of the day.
Key line-in-the-sand for NQ on Friday will be at 13,480. Staying above 13,480 is an indication NQ is going to trend up again for the second day in a row, although the probability of that happening is low since Friday tends to be a choppy sideways non-trending day.
Trading below 13,480 implies sideways consolidation type of day, with lower support at 13,400-13,420. Trading below that is bearish with lower target at 13,250.
On Wednesday NQ opened with a huge gap-down to support at 13,000 then spent all day in a choppy rally back up to key resistance at 13,240 which will serve as key line-in-the-sand for Thursday. At the end of the day on Wednesday, the pattern looks set to break above 13,240 and go up to 13,400
If NQ again failed to break above 13,400 for the third time, it is an indication that NQ is going back down in a very fast mode, Lower target are 12,800 then 12,400.
On Tuesday NQ opened with a gap-up, and then rallied up to resistance before reversing and then trend down most of the day, closing at the low of the day, above key support
NQ is now trading in between resistance 13,400 and 13,140 support for the last three days. Going forward, a break below support or a break above resistance is likely to trigger a large trending move in the direction of the break.
Lower supports are 13,000 then 12,800, Higher resistance is at 13,700
A choppy consolidation day on Monday as we expected after a trending day on Friday. Now that NQ has consolidated the large trend day, at the end of the day on Monday NQ looks ready to trend back up again with a trending day pattern on Tuesday..
There is a very strong resistance at 13,400-13,420 that could pose a problem for NQ on Tuesday. In order to have a trending up day, NQ would need to break above 13,420 and then stay broken in order to trigger short-covering.
If so, the next target and resistance is 13,600-13,700.
Friday was a trending up day for NQ. It started with a gap-up open above prior day high, then after testing prior day high , it started to trend up non-stop but slowly, with very monor profit-taking activities at the end of the day.
With Friday a trend day, it is very likely that, if NQ should open inside Friday trading range we could see a choppy sideways type of days on Monday, an A-B-C up, then A-B-C down type of trading pattern, criss-crossing the 50-ma on the 5-minute chart.
NQ would need to break out of Friday trading range to cause another trend type of day.
Key price level for NQ on Monday will be at 13,400 resistance and 13,220 support (13,220-13,400 trading range)
On Thursday NQ opened inside prior day range, following a trending down day on Wednesday confirming a high probability consolidation type of day, and implies a sideways pattern.
With Friday tendency to be a choppy type of day, look for NQ to remain choppy again, unless of course it can breakout of Thursday's trading range, and then stay outside of it. Although that would be unusual for Friday, we know from past experience that anything is possible.
Line-in-the-sand will again be at 13,100.
Another bearish day in the equity market on Wednesday, with NQ closing near the low of the day, a bearish close for NQ on Wednesday.
Normally this type oif day would be followed by a sideways consolidation day. However, the current market condition is not normal, so anything is possible.
As such, we can either get a consolidation day on Thursday, or another down day on Thursday.
Key line-in-the-sand for NQ on Thursday will be at 13,100, bullish above it, first resistance is at 13,100 and bearish below it, next support for NQ is at 12.800
NQ opened with a huge gap-down on Tuesday down to key support, then bounce back up to close then gap before trading sideways the rest of the day.
On Wednesday I am looking for another lower low below Tuesday. If so, NQ needs to breaks below 13,100 and then stay below 13,100. Remaining inside the range from 13,100 to 13,380 implies choppy sideways trading pattern.
Below 13,100 implies potential liquidation selling, next downside target is at 12,400
On Wednesday, key price level to watch for is 13,100 support and 13,380 resistance.
After retesting resistance on Friday, NQ opened with a gap-down on Monday and then trend down all day into the close.
NQ continued to sell-off during overnight trading on Monday night. If NQ should open below key support 13,300, previous high now support, we could see a sharp selling as brokers liquidate trading position on margin selling.
The next strong support is at 13,100. Should that not hold, we could see NQ dropping quickly down to 12,400 the 200-dma on the daily chart.
NQ traded sideways as usual on Friday, with a gap-up iopen then rally and then reverse and trade sideways closing in the middle of the day range, as acting as Monday line-in-the-sand and inflection price level, 13,720. bullish above and bearish below it.
Trading below it implies a further decline down to key support, 13,600. And trading above it implies NQ is going up, with key resistance at 13.880
A sideways trading pattern for NQ on Thursday with early morning decline to retest Tuesday low before reversing back up and then trend up all day.
With Friday tendency to have a sideways trading pattern, look for NQ to trade sideways, with resistance at 13,700 and 13,780, support at 13,520 and 13,380
An inside day for NQ on Wednesday. NQ started the day with a huge gap-up open then slowly trend down into the close.
Unless NQ can opened with a huge gap up above 13,540 line-in-the-sand and then triggers a short-covering rally, NQ is set to resume its down trend move, with the next support at 13,300.
Although 13,300 could provide strong support, NQ could also slice through it on a strong heaving selling activities, with the next lower target at 13,100
With Monday close below 20-ma on the daily time-frame for NQ, the stage was set for a sharp sell-off on Tuesday
And it did, with the open in the bearish zone, and below prior swing low, which triggered massive selling as stop-loss got run-over, and selling was triggered. A huge 400 points decline as measured from Monday's close for NQ.
First strong support for NQ is the previous triple top resistance, now support at 13,300 price zone. It also coincide with the 50-dma on the daily time frame. Whether or not it will bounce from that level, it is difficult to predict. It may just slice through it to the downside without any bounce.
NQ would need to break back above its 20-dma on the daily chart to turn bullish again.
A down day for NQ on Monday. Now that NQ has broken below its 20-ma on the daily time-frame, and closing back below breakout level, We could see a fast decline down to the next major support level at 13,300.
NQ would need to break-back above 13,880 to turn bullish again. Below 13,880, the trend is dfown for NQ.
NQ traded sideways on Friday, trading slightly to the bearish side. The pattern was the usual Friday trading pattern.
Again, 13,860-13,880 served as key inflection [rice zone for Friday, and will also still serve as key line-in-the-sand zone for trading NQ on Monday, bullish above, bearish below it.
Unless NQ breaks out of the 13,820-14,440 trading zone, the choppy sideways pattern may continue. Breaking out will cause trending move in the direction of the break.
