After opening with a huge gap-up on Thursday NQ then traded sideways in a very narrow range the rest of the day. At the end of the day NQ looks set to trade sideways again, especially with Friday generally a sideways day.
Support for Friday is at 14,300-14,320 and resistance is at Thursday's swing high.
NQ traded sideways in a very narrow range on Wednesday, a day after a trending up day on Tuesday.. At the end of the day on Wednesday, NQ may need to consolidate again on Thursday as the 50-ma and the 200 ma on the 5-minute chart are still far apart.
Key support for NQ on Thursday will again be at 14,230, bullish above, bearish below it.
NQ trend up all day on Tuesday, closing near the high of the day. Usually after a trending day like on Tuesday, there is a higher probability that it is going to trade sideways on Wednesday. However, there is still a chance NQ can trend again on Wednesday, but with a low probability.
Key support for NQ on Wednesday will be at 14,230. Trading below 14,230 implies NQ is in consolidation sideways mode. Staying above 14,230 is an indication NQ uptrend that started on Tuesday morning is still in progress
On Monday the market opened with a bearish bias, with NQ dropping down to support and oversold zone, which triggered a huge buy programs that quickly reverse it back up above prior day low, indicating trend reversal from down to up has started.
NQ rallied in the morning, but traded sideways in a very narrow range the rest of the day. setting up either a trending move up on Tuesday, if it can stay above 14,120 line-in-the-sand, or trend back down if it is not able to stay above 14,120.
First resistance is 14,200, first support is 14,020, then key support at 13,940
NQ traded sideways on Friday, trading between 14,020 support and 14,120 resistance. For Monday 14,020-14,120 trading range is key level, bullish above, bearish below it.
ES and YM daily chart are very bearish, with the S&P 500 having broken below its uptrend line and below 50-ma daily on Friday. S&P 500 is setting up a potential sharp sell-off, with key line-in-the-sand for daily chart at 4160. Below 4160, it can cascade down very sharply.
The Dow YM is at slight oversold as of Friday, may have a small bounce. However, a small oversold could still get a sharp sell-off on Monday.
A massive rally for NQ on Thursday, with just a brief pullback during lunch. NQ closed near the high of the day.
Since Friday has a tendency to be choppy, and a day after a massive trending day, there is a very high [probability Friday is going to be choppy and sideways. However, there is also a chance, a smaller probability that NQ is going to trend again on Friday.
Key intraday line-in-the-sand for NQ on Friday will be at 14,130, bullish bias above and bearish bias below it. Fir support is at 14,040.
NQ traded sideways in the morning on Wednesday only to sell-off very hard after the FOMC policy announcement.
Although it snapped back up to its key resistance, the 200-ma on the 5-minute chart after selling off very hard following the FOMC announcement.
NQ has now traded back below key support and line-in-the-sand for NQ for trading on Thursday, the day low of the breakout day, 13,960.
If NQ should open below 13,960 on Thursday we could potentially see margin selling in the first 15-20 minutes after the open. If so, key support is at 13,780, a very strong support.
NQ traded sideways ahead of the release of the FOMC statement on Wednesday. It may continue to be choppy tomorrow because FOMC policy decision announcement is not until late afternoon.
Bearish below 13,960.
NQ trend up on Monday following a choppy sideways consolidation day on Friday last week. On Tuesday NQ is more likely to trade sideways in a consolidation pattern.
However, we cannot dismiss the possibility that NQ may trend again on Tuesday especially if the shorts decide to cover. If so, we can see another trend up day again on Tuesday.
Key line-in-the-sand for NQ on Tuesday will be at 14,070. Suports are 10,040, then 14,000
Friday was a narrow range sideways consolidation type of day for NQ following a trending up day on Thursday.
With NQ now clearly in an up-trending mode on the daily chart, the 60-minute chart and the 5-minute chart, we should see another trending up day for NQ on Monday if it can break and stay above 14,000.
Trading below 14,000 is an indication NQ may need to consolidate for another day before trending back up again.
After the early morning whipsaw trading action NQ finally trend up in a slow choppy pattern, and close near the high of the day, setting up for another short squeeze day or a sideways consolidation trading pattern.
On the daily chart, the next key resistance is the double-top price zone, around 14,040 price level. NQ would need to break back below 13.800 to turn bearish.
NQ traded sideways in a narrow range on Wednesday above key support 13,800. As long as NQ remains above 13,800 it is going to continue to trade sideways within a narrow range, or rally.
Trading below 13,800 could attract some selling with first support at 13,680-13,800.
NQ opened with a huge gap-up on Tuesday but failed to attract any buyers. It quickly dropped down to support and then traded sideways, setting up a potential down day on Wednesday if NQ should break below its 200-ma on the 5-minute chart.
It is can stay above the 200-ma on the 5-min chart on Wednesday we could see NQ either rally back up again or si8mplky trade sideways.
Key intraday line-in-the-sand for NQ on Wednesday will be at 13,800.
As expected NQ traded sideways in a consolidation pattern following a trending up day on Friday.
At Monday's close, NQ has broken above 13,800 key resistance and closed above it, setting up a breakout trending up day on Tuesday, that is, as long as no negative news is released before the open on Tuesday. Trend up targets is around 14,000.
Should NQ opens with a gap-up on Tuesday I will be looking for NQ to trend up all day, as long as it can stay above itd 50-moving average on the 5-minute chart.
Should something unexpected happens overnight and NQ open below 13,800, we could see NQ pulling abck down to supports, 13,760 then 13,700.
On Friday NQ opened with a huge gap-up which forced the shorts to cover, triggering a sharp rally in the morning. Once amny of the shorts had covered their positions, NQ simply traded sideways nto the close.
On Monday, NQ either breakout above strong resistance 13,800, and trend up if the shorts decide to cover, or pullback down and trade sideways with first support at 13,700 and the second support at 13,600.
Key intraday inflection price level is at 13,760.
A large opening gap-down for NQ on Thursday. After the initial swings down, then up, NQ traded sideways into the close. The low of the day was at 20-dma on the daily chart.
NQ remained inside the consolidation zone on the daily chart, 13,400 support and 13,800. The sideways pattern should continue until NQ can breakout above 13,800 or breakdown to below 13,400
Key intra-day inflection price line for N on Friday will be at 13,660, bullish above it, bearish below it.
Another narrow-range sideways trading pattern for NQ on Wednesday as it continued to trade inside the consolidation range between 13,400 support and 13,800 resistance.
As long as it continue to trade inside the range, we could expect to see a choppy sideways trading pattern.
Intraday inflection price leven for NQ on Thursday will again be at 13,660
Another choppy sideways trading pattern for NQ on Tuesday as it continued to trade inside a wider trading range between 13,400 support and 13,800 resistance.
This type of trading pattern is likely to continue until NQ can clearly break out of the range between 13,400-13,800
Intraday line-in-the-sand for NQ on Wednesday will be at 13,660, bullish above, bearish below it
