The stock market rallied on Thursday. With Friday being the last trading day for 2023 anything is possible, it may rally, trading sideways or sell-off. There is just no way tp tell what the final day will be.
Key inflection price level for NQ on Friday will be at 11,050, bullish above it, bearish below it. First resistance is at 11,100, then 11,200
First support is at 10,900
With two more trading days left in the current 2022 calendar year the year end selling continued on Wednesday.
NQ is now not very far away from breaking below the October 2022 low, and when it does we could see sharp selling as stop-losses get hit and margin call selling gets triggered.
With two more trading days let, it is possible to see it takes out the October low at 10,600 area and tank hard.
Key intraday inflection price level for NQ on Thursday will be at 10,777, with first resistance at 10,900.
A narrow-range bearish day for NQ on Tuesday as many traders and investors are still on holiday. The slow choppy narrow range trading pattern may continue until next year.
Key price level for NQ on Wednesday will be at 10,870 support and 10,990 are resistance. A clear break out of the 10,870-10,990 trading range could cause a quick sharp moves away from the range..
With most traders and investors out of the office for the Christmas holidays on Friday last week the stock market traded sideways in a narrow range.
The narrow range could set up a big move on Tuesday, the direction, upward or downward would depends on where it trades in relation to its intraday key inflection price level, for NQ it will be at 11,070 on Tuesday, bullish above it and bearish below it.
With many traders and investors sill out of the office until next week, we could also continue to see choppy price action for the rest of the week
NQ opened below key support level, 10,220, on Thursday which then triggered selling which then forced trapped buyers into selling as well which cause sharp decline all morning..
Selling continued all morning until the afternoon session as sellers took profit which cause a bit of a rally into the close.
On Friday, NQ may try to continue to rally in the morning but if key resistance is now at 11,220, is not clearly broken to the upside, buyers will come back in and could tank the market again on Friday.
NQ rallied on Wednesday, the second rally day in a row. With major resistance zone not until 11,570-11,670, we could see more rally to come.
The next key resistance to break is at 11,400. If NQ can break above 11,400 we could see it continue to rally into the next major resistance zone, which is the 11,570-11,670 area.
Key support is at 11,220, and that support needs to hold for NQ to continue to rally higher into resistance.
A narrow range sideways trading pattern for NQ on Tuesday as it bounced off oversold market condition on its six down days in a row..
If NQ could stay above support of 11,100, we should see some profit-taking bounce that may be just trading sideways or a rally day.
Key price level for NQ on Wednesday will be 11,100 support and 11,220 as resistance (11,100-11,220 price range)
A sustained breakout out of the range, up or down, could trigger sharp moves out of the range.
Another down day for NQ on Monday, the 5th consecutive down day, a clear indication of heavy selling as many many buyers may be forced to exit their position.
NQ has continue to sell-off in overnight trading. Unless there is some news that can negate the overnight selling, we could see another sharp down day on Tuesday, with the next NQ support t at 10,950.
If that support does not stop the selling, NQ may have to drop below the low in October before we could see a pullback.
With so many anticipating the Santa Clause rally, we could instead, see the end of the year market meltdown.
Intraday inflection price level for NQ on Tuesday will be at 11,190.
Another down day for NQ on Friday, the 4th consecutive down day, very uncommon occurrence, and it is an indication the sell-off is very intense.
The sell-off can continue for 7 to 8 consecutive days before a bounce, or we could see a one to three days bounce starting tomorrow before tanking down again.
Key intraday inflection price level for NQ on Monday will be at 11,325, with first resistance at 11,400 and first support at 11,200.
A large trending down day for NQ on Thursday and it closed near thee low of the day., a bearish With Friday tendency to be a choppy sideways type of trading pattern, we could see NQ trade sideways to consolidate the huge selling on Thursday.
However, in a strong downtrend, it is also very likely for the market to trend over ,multiple days without consolidation. As such, we should also be on a lookout for a possible large down day again on Friday.
Key intraday support for NQ on Friday will be at 11,400. With many buyers setting their trailing stoploss just below 11,400, a sustained break below it could trigger another round of selling.
A false-break below 11,400, however could trigger a sideways consolidation with resistances at 11,500, 11,550 and 11,700-11,750.
NQ traded sideways on Wednesday and it remains choppy sideways after the release of the FOMC policy statement.
NQ has been trading inside a wide trading range between 11,550 support and 12,000 for one and a half month and should be ready to move out of the range soon. When it does, look for a sustained move, up or down.
NQ rally from the October low has been extremely choppy and looking like a very clear bear flag on the daily chart. In order to confirm it is a bear flag we need to see NQ break below its 50-dma and stay below it. If that happens we should see a fast move down to lower low below the October swing low
Key intraday support for NQ on Thursday will be at 11,720
The Fed engineered massive gap-up open designed to trigger massive short-covering rally ahead of their policy decision on Wednesday failed miserable, instead of covering, many used this opportunity to sell their position and shorted the market.
All the major indices sold off hard, closing near the low of the day.
It is difficult to say what the Fed may need to do to trigger the end of the year rally. If their meeting announcement on Wednesday fail to trigger short-covering and end of the year buying, the market may be ready to sell-off hard into the end of the year and to continue into the new year.
With so many investors holding bullish position into the year end, the sell-off may get out of control.
Key price level for NQ gtoing forward is the 50-day moving average, on NQ it is hovering around 11,550, bullish above it, and bearish below it
A bullish rally day for NQ on Monday, a bounce from support that started last week. Current NQ main trading range is between 11,550 support and 12,000 resistance.
On Tuesday, intraday inflection price level is at 11,750, with key resistance at 11,850. and support at 11,650
NQ may just chop around until the FOMC policy decision denouncement on Wednesday.
On Friday NQ rallied up to above prior day high before it reversed and trend down in the afternoon. It was the third day in a row rally that started from a bounce ofj critical support, the 50-dma on the daily chart.
The 3-day rally was so week that if it now starts breaking below 15,550 we could see many buyers that could be forced to exit, causing sharp selling. and with no much support below 11,550, the sell-off could get ugly.
Key intraday inflection price level for NQ on Monday will be at support for Monday will be at 11,750. With the FOMC meeting this coming week we could also see a sideways choppy market, until after Wednesday.
After trading down for three consecutive day, bouncing off 50-dma support on the daily chart on Wednesday, NQ rallied on Thursday but in a very chppy narrow range mode. A very bearish sign.
Key support is now 11,550 and key resistance at 12,000.. NQ may rally up to 12,000 before dropping back down to support.
Key intraday line-in-the-sand for NQ on Friday will be at 11,700-
A very narrow range day for NQ on Wednesday as it was stuck between 11,500 support and 11,700 resistance.
On Wednesday a break out of the 11,500-11,700 trading range could cause a big move out of the range. Above 11,700, the next resistance is 12,000
Below 11,500 the next lower support is at 11,200
A large down day for NQ on Tuesday, dropping below 11,700 strong support zone, an indication there are a lot of selling in the market. The next key support is 11,400. Should that gets violated, we could see much heavier selling.
Key intraday inflection price for NQ on Wednesday will be at 11,570, bullish above, and bearish below it, next support is 11,400.
After retesting 12,050 resistance on Friday NQ traded down on Monday breaking below 11,08 support and staying below support until the close on Monday.
Key line-in-the-sand for NQ on Tuesday will be at 11,850, prior support now resistance.
If NQ remains below 11,850 on Tuesday it is likely to continue to drop lower with the next lower support at 11,700
11,700 is a strong support level. However, if it gets violated, the next lower support is 11,400.
NQ traded sideways on Friday, its usual Friday pattern. NQ started the day with a gap-down open at support then spent the whole day rallying in a very choppy fashion.
NQ traded inside resistance at 12,050 and support at 11,850. On Monday if NQ can trade out of the current 11,850-12,050 trading range, and stay out, we could see a strong trend out of the range.
Staying inside the range implies choppy trading pattern and a false-break out of the range could cause some nice fast moves.
On Thursday, after a huge short-covering rally day on Wednesday NQ traded sideways in a very narrow trading range consolidating the huge rally on Wednesday.
Normally following such a huge rally day the market would need to spend more than one day in consolidation. As such we could see Friday as another narrow range consolidation day, particularly because Friday tends to be a choppy sideways type of day.
Current first resistance is 12,100, this could turned into support if NQ should trade above it after the open on Friday.
Current first intraday support is at 11,870.
A massive rally following Fed Chairman press conference on Wednesday. The big buyers is likely the Fed, and the buying is designed to squeeze the short-sellers to trigger a rally into the end of the year.
Following such a monster rally on Wednesday trapping a huge number of short positions, it may be enough to trigger a rally that last into the end of the year.
For NQ key resistance is at 13,000. Unless NQ drops back down below 11,400, the rally should continue with the first strong resistance at 13,000, and a good target to aim for.
On any pullback on Thursday, key support is at 11,870..
NQ traded down on Tuesday, the third down days in a row, As such it would either try to rally on Wednesday, with key inflection price level at 11,550. In order to rally, NQ would need to trade above 11,550.
NQ is bearish below 11,550, but it in order to start a large down trending day NQ would need to trade below 11,400 to start running over trailing stop-losses.
On Monday after a brief early morning rally, NQ trend down all day and then closed near the low of the day, below key inflection price level, 11,700.
11,700 will continue to be key line-in-the-sand going forward. If NQ is not able to rally back above 11,700, it is a indication that the bear market has resumed.
Going forward, key level to watch is 11,400 support, a key support because a clear and sustained violation of 11,400 is a confirmation that the next down leg has started.
On the short term intraday time frame, key inflection price level for NQ on Tuesday will be at 11,630, bullish above, and bearish below it, next support is 11,400.
NQ traded sideways over the last trading days as market participants were home for the Thanksgiving holidays.
With that holiday out of the way market participants can now get back to making their investment decisions again.
For NQ bigger picture, key inflection price level is at 11,700. If the current rally is still intact, NQ should trade above 11,7000 and continue to rally, with resistance at 12,00-12,100 price zone.
If NQ should trade below 11,700, it is an indication that the rally may be over and the the bear market is is going to resume, with key support at 11,400. NQ would need to break below 11,400 and continue to trade lower to confirm that the bear market has resumed.
On the short-term intraday time-frame, key inflection price for NQ on Monday will be at 11,770, bullish above it, bearish below it
Its Thanksgiving day on Thursday and the market will be closed. The market will be opened only half a day on Wednesday and also will only be opened half a day on Friday.
There is likely going to be very little happening for the rest of the week because most traders and investors will be on holiday.
We will be back on Monday next week.
A narrow-range trading pattern for NQ on Monday, with a slight bearish bias. It is likely setting up for a further decline perhaps to the next support level, 11,400
NQ or the general equity market may not make a major move until after the FOMC has released its policy statement. Even then, the market may not be making any major move until the Thanksgiving holiday on Thursday.
The stock market will close early on Wednesday , close on Thursday and close early on Friday.
NQ traded sideways in a narrow range trading pattern on Friday. Friday was the 3rd such choppy sideways day in a row.
As such, NQ may be ready to trend again, the direction could be up or down, depending on where NQ would trade in relation to it inflection price zone, 11,700.
11,700 is key inflection price level, bullish above it and bearish below it, 11,400 support and 12,000-12,100 is resistance.
Another sideways trading pattern for NQ on Thursday. With Friday's tendency to have a choppy sideways trading pattern we could see a typical sideways trading pattern again, unless we get unexpected market moving news.
Key price level for NQ on Friday will be at 11,630 support and 11,770 resistance.
We can have NQ trading in a sideways pattern above 11,770 or trading below 112,630 in a sideways pattern.
On Wednesday NQ opened below inflection price level and then dropped down to key support 11,700, but was not able to break below it.
A bounce from support was so weak that it failed to break back above inflection price which then was acting as resistance. As such, NQ just trade sideways in a very unusually narrow price range.
On Thursday key price level will be at 11,700 as support and 11, 850 as resistance. A break out of the range is likely to cause a sharp large movement away from it.
Supports below 11,700 is 11,500 and 11,400.
Resistances above 11,850 is at 11,950 and then at 12,050.
NQ opened with a large gap-up designed to trigger another round of short-squeeze to help NQ bust through strong resistance between 12,000-12,100, resistance generated by prior support, now turned resistance, prior swing low on the daily chart.
With inflection price level 11,875 which is right in the middle of the consolidation zone, we could see NQ either try to rally back up towards overhead resistance at 12,000-12,100 or drop back down to support at 11,650-11,700
gain, key inflection price level is at 11,875, bullish above it, bearish below it.
NQ traded sideways in a narrow-range sideways consolidation pattern on Monday. Normally after one day of consolidation, the trend, which in this current case is up, should resume after just one pullback day. Failure to do so is an indication the market is going to pullback deeper, for 2 to 3 days before resuming the trend.
As such, if the short-covering squeeze is still alive NQ should rally again on Tuesday. If so the resistances we should be watching are 12,000, 12,100 and 12,200, prior lows now resistances.
Key support is at 11,700. Trading below 11,700 could tank NQ down to 11,400 support
Friday was the second day of short-covering rally as the shorts were forced to cover. After two large up-day it is possible that NQ will go into a consolidation type of day. If so, we should see NQ dropping back down below 11,780 down to the next support level of 11,650.
However, if NQ could stay above 11,780, line-in-the-sand for NQ on Monday then we could also see another rally day, the third day in a row. with the next resistance zone at 12,000-12,100.
It has to be a coordinated central banks buying binge during very thin trading action overnight that cause the stock market to open with a giant gap-up inorder to trigger massive short-covering rally.
The result of the US election and the collapse of crypto exchange FTX must have panic the world central banks and government.
Now that they were able to push the stock market up above key technical price level, turn the market from very bearish to very bullish zone, we just have to wait and see if they are able to keep the stock market elevated.
Going forward, 11,200 will be key line-in-the-sand, bullish above it, and bearish below it.
For Friday, intraday support is at 11,500, and resistance at 11,750
The election result, with the republican winning the house of representative is bearish for the market. As such the current bear market that started in November 2021 may have resume after a brioef pullback.
At the macro level, the next support is at 9,700, prior swing high from February 2020 swing high.
On the intraday 5-minute time-frame, key inflection price level for Thursday will be at 10,950, bullish above it and bearish below it with the next support level at 10,850 then followed by the second support level at 10,660
A sideways pattern for NQ on Tuesday as traders and investors look to the US mid-term election results to guide their trading actions.
Key intraday price levels to watch are 10,950 as support and 11,200 as resistance. As the results get reported we could expect some wild swings
A narrow range sideways trading action for NQ in the morning on Monday and hen rally in the afternoon.
With the US mid-term election happening on Tuesday, it would be very difficult to forcast the direction of the market as it react to election news.
Short-term ointraday inflection price level for NQ on Tuesday will be at 10,950 bullish above, with the next resistance at 11,200, and bearish below it wih the first support at 10,850
After selling off hard on Wednesday and Thursday NQ traded sideways on Friday, setting up for another sell-off day or a pullback rally day, depending on where NQ would trade at on Monday.
Key price level for NQ on Monday will be at 11,000 resistance and 10,700 support. Trading insides the range implies more sideways action.
Strong resistance for NQ is at 11,200.
NQ opened with a gap-down on Thursday but continue to trade sideways below prior day low, an indication of heavy selling in the market as traders and investors try to get out of their bullish position before a big crash.
Since Friday tends to be a choppy sideways trading price action, we could expected NQ trade sideways. However, if many investors are not willing to take risk over the weekend and instead, bail out of their bullish position we could see another large trending down day on Friday, with key support at 10,700.
On Wednesday the stock market initially spiked upward after the FOMC decision, likely as a result of the Fed buy programs, but sellers came in aggressively because the Fed raised interest rate by 75 basis point, bad for the market.
The counter-trend bear market pullback may have ended today and the resumption of the bear market to begin.
Key inflection price level to watch for NQ will be at 11,000. Trading below 11,000 could starts to trigger massive liquidation of the bullish positio0ns that could lead to a large crash.
On the 5-minute intraday timeframe, key price level for NQ for Thursday will be at 11,200, resistance/support level.
NQ traded sideways on Monday as it remained stuck inside a balance zone between 11,000 support and 11,700 resistance. NQ would need a sustained break out of the zone to cause a large trending move away from the balance zone.
On the intraday basis, key price level for NQ on Tuesday will be at 11,420 support and 11,500 resistance.
On Friday NQ opened at support and then rally all day into the close. The high of the day was still below resistance 11,750, as such it is possible for NQ to either rally up to resistance right away before pulling back down to support, or NQ could first pullback down to support before rallying back up to resistance.
Key inflection price level for NQ on Monday will be at 11,570, bullish above bearish below it.
Next higher resistance is at 11,750, next lower support is at 11,400
On Thursday, NQ opened and immediately sold off very hard in the morning. Dip buyers came back in to buy but sellers continue to overwhelmed the buyers all day with the close near the low of the day, a down day for NQ on Thursday.
Bad earning reports from Amazon tanked NQ hard after the market. If NQ is not able to trade back and stay above 11,220 on Friday we could see heavy selling as investor exit their long before the end of the week.
Key inflection price level for NQ on Friday will be at 11,220, key support is 11,000.If 11,000 does not hold on Friday we could see heavy selling.
On Wednesday NQ opened with a gap-down to support and into oversold zone on the intraday 5-minute time-frame.
NQ then rallied to retest the high before sellers tanked it back down to retest .the morning low, a sideways consolidation typ[e of day, setting up the next rally day or a down day if the counter-trend rally has ended.
Key price level for NQ on Thursday will be at 11,575, bullish above it and bearish below it. Resistance is at 11,750 and support at 11,400 and 11,300
Short-covering rally continued on Tuesday with NQ day high at double-top resistance with October 6th swing high, with the close near the high of the day, a bullish close.
However, after the close NQ has sold off hard due to poor earning, setting up potential sell-off on Wednesday.
With trailing stop-losses just below 11,000, NQ would need to break below 11,000 and stay below 11,000 to trigger sell-off. As long as 11,000 is not violated, we should see NQ trading sidfeways or rally.
Key intraday support is at 11,525.
On Monday, after dropping down to support, NQ rallied all day into the close, closing near the high of the day.
However, intraday, NQ may need to pullback down to support to relieve the overbought condition before rallying back up again.
We should see at least two more days of short-covering rally, with the ultimate upside target at 12,000-12,150, before it ends.
Supports for NQ on Tuesday will be at 11,375 and also at 11,215.
Resistance is at 11,525
On Friday NQ opened with a gap-down and then dropping down to key support 11,000 before bouncing off it and rally all day closing near the high of the day. The high of the day was just below key resistance at 11,400, which will be the ket line-in-the-sand for NQ on Monday.
Key resistance for eNQ on Monday will be at 11,400 and key support at 11,250. Trading above 11,400 could cause more buying activities with the next resistance at 11,670
Trading below 11,250 could rigger selling, with first support at 11,150.
It seems that morning rally and gap-up open tends to get sold, an indication that liquidity is continuing ato shrink at ra very rapid pace. Every extreme oversold bounce tend to be short-lived.
Key support for NQ on Friday is again at 11,000.As long as NQ remains above 11,000 we should continue to see either a rally or sideways price pattern. A sustained break below 11,000 could cause sharp-selling as trailing stop-losses for those still holding longs gets triggered.
As of Thursday close, key support is 11,000, with first resistance at 11,160 and then second resistance is at 11,300
NQ traded sideways on Wednesday, the second day in a row, setting up high probability trending day on Thursday, the direction will depends on where it opens and trade in relation to key price level.
Key inflection price level for NQ on Thursday will be at 11,160, bullish above, with first resistance at 12,275, and bearish below it with first support at 11,000.
Breaking above resistance could cause a trend-up day, if it can break and stay above it.
Breaking below key support could cause a trending down day, if it can break and stay below it.
Overnight NQ has traded down to 11,000 support. If NQ should open and stay below 11,000 on Thursday, we could really see sharp selling as traders exit their bullish position.
NQ opened with a huge gap-up on Tuesday. As usual, gap-up tends to get sold as large traders download their bullish position before the market collapse.
For Tuesday we could also see NQ opens with a gap-up that is likely to be used by large fund to sell their long positions.
Key resistance for NQ on Wednesday will be at 11,400, bullish above it with the next resistance at 11,525, then 11,670.and bearish below it. with key support is at 11,150.
On Monday NQ opened with a huge gap-up, and it stayed up all day, setting up another short-covering up day on Tuesday.
Key line-in-the-sand for NQ on Tuesday will be at 11,150, bullish above it with the next resistance at 11,250 then 11,500.
Key support is 11,000.
A reversal down day for NQ on Friday after just one sharp short-covering day from extreme oversold condition, an indication of a very heavy selling market condition.
Key intraday line-in-the-sand for NQ on Monday will be at 10,725 zone, bullish above with first resistance at 11,000, and bearish below it.
A sharp profit-taking rally for NQ on Thursday. With the market so deep in oversold when the rally started on Thursday we could see a pullback rally that could last three to four days or seven to ten day, we shall see.
For Friday, key inflection price level will be at 11,150, resistance as of Thursday close but if NQ could trade above 11,150 and then stay above it we could see more profit-taking short-covering rally, with the next resistance at 11,250 then 11,500.
Key support is 11,000.
Another down day for NQ on Wednesday, traded sideways but it was a down day. The pattern looks like it may want to rally. However to rally, NQ would need to break-back above 11,000 and then stay above it to trigger some profit-taking activities that can cause a rally..
Staying below 11,000 is very bearish and could tank again to the next lower support level, wherever that may be. A strong support level is not until 9,500, previous swing high February 2020.
The bear market continued on Tuesday with NQ continuing to make a lower low. NQ continued to remain in oversold condition.
Key intraday line-in-the-sand for NQ on Wednesday will be at 10,980, bullish above it nd bearish below it.
The bear market continues with NQ making another lower low. The decline is starting to slow down simply because the market is in a very oversold condition on the daily timeframe.
As such the market may either get a sharp and quick quick counter trend bounce or crash as buyers gave up their longs and bail by selling their position to get out of bad trades.
Key intraday inflection price level for NQ on Tuesday will be at 11,000, bullish above, first resistance is at 11,150, and bearish below it.
A huge down day for NQ on Friday as the bear market resumes. With NQ now in very oversold, a continued decline has the potential to cause a crash as many of those oversold buyers get liquidated.
Key intraday line-in-the-sand for NQ on Monday will be at 11,150, bullish above it with the first resistance at 11,350-11,400, and bearish below it.
It was day for of the counter-trend bounce, and it was a narrow range choppy sideways type of day. It is either a pause before the next short-covering day, or a topping day before the downtrend resumes.
Key intraday line-in-the-sand for NQ on Friday will be at 11,580, bullish above and bearish below it.
First support for NQ is at 11,525 and if NQ should trade below it, the next support layer is at 11,350-11,400.
Resistance is now at 11,760-11,780.
Another short-covering rally day for NQ on Tuesday, the second rally day since NQ false-break below the double bottom low. NQ should get one more rally day with the next resistance at 11,750 -11,800.
Key intraday inflection price level for NQ on Wednesday will be at 11,620, bullish above with the next resistance at 11,770-11,800 and bearish below with first support at 11,350-11,400.
A big rally day for NQ on Monday after breaking below June swing low on Friday. NQ failure to get two consecutive close below prior swing low is an indication that counter-trend buyers is going to be aggressive and could trigger a two to three short-covering rally days.
Key intraday support for NQ on Tuesday will be at 11,230, bullish above it and bearish below it.
The market rallied on Wednesday with many commentators attributing the bounce to the Bank of England pivoting back to quantitative easing in order to avoid complete financial collapses.
The British economy may be the first European countries to collapse, with many more to follow this winter.
NQ bounced off double-bottom support with oversold condition. and it could last for two to three days.
Key price level for NQ on Thursday will be at 11,525, bullish above it with first resistance at 11,770, and bearish below ti with first support at 11,380
Another consolidation day for NQ on Tuesday, consolidating just above key double bottom support with June swing low, at 11,140 area. Tuesday was the third consecutive day. As such Wednesday could a key day, either a break or a bounce
Key resistance is at 11,400. Key support is at 11, 225
Support becomes resistance once broken, and resistance becomes support once broken.
A sideways consolidation day for NQ on Monday.As long as NQ remains above 11,100 double bottom support on Tuesday we should continue to see sideways trading action.
Key inflection price level for NQ on Thursday will be at 11,400, bullish above it and bearish below it.
First resistance is at 112,525 and first support is at 11,225
Again, another down day for NQ on Friday. Friday low was just above June low. The algos are now more determine to crash NQ below June low just to run-over stop=losses.
If they are successful, we could see sharp crash below June low. Whether or not NQ would trade sideways from June low double-bottom support, we just have to wait to see. But NQ is going to crasdh down below June low, with or without first consolidating above it.
On the intraday basis, key inflection price level for NQ on Monday will be at 11,400, with first resistance at 11,500 and first support at 11,250
NQ continue to make a lower low on Thursday. It looks set to break below the June low by Friday or sometimes next week.
Key intraday balance price level for NQ on Friday will be at 11,500, bullish above with first resistance at 11,700 and bearish below it with first support at 11,400.
Key in mind that Fridays tend to be a choppy sideways type of days, a non-trending type of days trading between support and resistance. However, when it trends, it trends in a big way.
Now that the Fed September meeting is out of the way, with no surprises from the Fed on Wednesday the market can resume its downtrend.
For NQ as long as NQ remains below 12,000 the current decline should continue without any pullback-up moves until it breaks below June 2022 swing low at around 11,100
On the intraday 5-minute timeframe, key intraday inflection price level for NQ Thursday will be at 11,700, bullish above it, with first resistance at 12,000, and bearish below it with first support at 11,400.
Wednesday is a FOMC policy announcement day. As such, anything is possible, and it may even be choppy.
Key line-in-the-sand for NQ on Wednesday will be at 12,000, bullish bias above it, bearish bias below it.
An up day for NQ on Monday. The Fed is going to starts its September policy meeting on Tuesday and will announce its decision on Wednesday.
It is highly expected the Fed will raise short term Fed fund rate by 75 basis points and it has been priced in to the market. What is important will be their statement going forward. Are they will to continue to be aggressive with inflation fighting, or are they going to let inflation run hotter.
Their statement can move markets, at least in the short term. If the Fed is dovish we could see a larger bounce coming which can last for two or three weeks to relieve the current oversold condition on the daily time frame.
The longer term timeframe is still bearish regardless of whether is dovish or hawkish. Asset deflation will continue to intensify.
So, on Tuesday we should continue to expect choppy non-trending trading pattern. with key intraday inflection price level at 11,900.
As usual, NQ traded sideways on Friday as traders balance their books and there was no major new that can cause the market to trend.
The FOMC will have their meeting this coming weeks and it is highly expected the Fed will raise interest rate by 75 basis points.
As long as the FOMC does not raise interest rate by 100 basis point we should continue to see an orderly decline as the bear market continue to intensify.
On the intraday basis key inflection price level for NQ on Monday will be at 11,850, with key resistance at 12,000 and key support at 11,700
It was a down day for NQ on Thursday. Two test of 12,000 support were both unable to break below it. 12,000 support was finally broken near the end of the day. However there were able to rally NQ into the close and closed above 12,000 key support level.
With Friday tendency to trade in sideways consolidation pattern NQ would need a clear and sustained break below 12,000 to cause a large trending-down move on Friday.
If NQ can stay below 12,000 on Friday we could see NQ trading sideways between support and resistance.
First resistance is at 12,150 and first support is at 12,000. It is very likely both first support and first resistance gets broken.
NQ traded sideways on Wednesday the day after a huge down day on Tuesday. Usually following a huge down day like Tuesday the market usually need more than one consolidation day. As such NQ may still need another day to consolidate such a huge down day on Tuesday.
As long as NQ does break and then stay below 12,000 NQ should continue to trade sideways in a consolation pattern with first support at 12,100 and second support at 12,000, and its first resistance at 12,250 and second resistance at 12,350
However, a clear and sustained break below 12,000 would have the power to tank the market (NQ) very hard.
A huge down day for NQ on Tuesday. The low of the day was near key support zone around 12,000. For Wednesday if NQ can stay above 12,000 we could see NQ consolidating and trade sideways.
If NQ should break 12,000 support and then stay below 12,000 we could see heavy margin selling that could tank NQ down to the next support zone around 11,500.
Another open with a gap-up above prior day high for NQ on Monday, which as N then forced the shorts to cover. It was an up day but a sideways up day as NQ is just starting to bump into overhead resistance (20-day moving average) on the daily chart, and is starting to get overbought on the short-term time frame.
As such we could see some pullabck coming very soon as Monday was the fourth rally day from the recent low.
Key resistance on Tuesday will be 12,900-13,000. If NQ is not able to push above 13,000 price level we can see profit-taking and sellers coming to sell and could tank NQ back down.
Key support is 12,680.
A third pullback-p rally day for NQ on Friday. NQ opened with a gap-up above Thursday haigh which then for the short to cover and cause NQ to rally all day on Friday.
The next resistance for NQ is 12,900. NQ may want to rally to 12,900 resistance before dropping back down.
What direction would NQ trade on Monday would depend on where it trades in relation to its intraday inflection point, which for Monday will be at 12,650. NQ will have a bullish bias above 12,650 and bearish bias below it.
NQ rallied for the second day in a row on Thursday. Rally should continue on Friday, the third day in a row.as long as NQ remains above 12,200.
On the intraday basis, NQ inflection price level is at 12,320, bullish above and bearish below.with support at 12,200.
The market rallied on Wednesday after seven down days and likely due to contract roll-over buying activities.
Key support for NQ is stil at 12,000 on the December 2022 contract. As long as NQ remains above 12,000 we could see continued rally or sideways action. Key resistance is at 15,540.
Intraday line-in-the-sand for NQ on Thursday will be at 12,225 on the December 2022 contract. Bullish above it and bearish below it.
Another down day for NQ on Tuesday, with NQ making another lower low. However, it was a choppy narrow range down day.
Key line-in-the-sand for NQ on Wednesday will be at 12,000. Bullish above it with first resistance at 12,150 and bearish below it with supports at 11,850 then 11,700, and 11,500
Now that the summer holidays are over and most market participants are back at work going forward we could see a much more trending market. For NQ below 12,000 we could see NQ continue to drop without a big pullback until it breaks below June swing low.
For NQ, key inflection price level on the daily chart is at 12,200. Trading above 12,200 should keep NQ from sharp sell-off. However, trading below 12,200 is going to put a lot of pressure on the bulls and if enough bulls capitulate we could see heavy selling.
On the intraday basis, key inflection price level for NQ on Tuesday will be at 12,150, with first resistance at 12,280, and first support at 12,000
Ahead of Friday's employment report, NQ traded sideways on Thursday, bouncing off support. NQ could continue to trade sideways on Friday as we go into the long weekend.
Key support on Friday is 12,600, bullish above it, and bearish below it with key support at 12,000
It was a down day for NQ on Wednesday, even as NQ continued to trade above strong support at 12,200 area.
Key support is now at 12,250. As long as NQ remains above 12,250 NQ could continue to trade sideways or rally if the shorts decided to take profit and cover their shorts.
The price action from Tuesday and Wednesday is indicating an imminent break below 12,500 support zone. If so, and if NQ can get a sustained break below 12,250 we could see a rush of heavy selling.
The downtrend continued on Tuesday with a sharp decline in the morning that was follwoed by a late day bounce.
12,200 is a very strong support. The shorts took profit just above support. Wednesday could be a consolidation day unless NQ can crash below 12,200.
Key price level for NQ on Wednesday would be at 12,450 as resistance, and 12,200 as support. If NW should break above 12,450 and can stay above it, we could see NQ rally to 12,600
Breaking below 12,200 is very bearish and could attract heavy selling.
Following a hu8ge down day last week Friday NQ traded sideways consolidating all the selling that occurred on Friday. The downtrend is likely to continue with a trending down day on Tuesday. To do so NQ would need to trade below Monday swing low.
There were strong support at Mondays swing low, the 50% retracements of the rally from June 16th to August 16th high, and the 50-day moving average on the daily chart.
Another strong support comes in at around 12,200, which has the potential to cause a pause on the current decline. However, a break below 12,400 could come with heavy selling that could easily slice through 12,200 support.
Key intraday inflection price level for NQ on Tuesday will be at 12,600, bullish above it and bearish below it.
At the Jackson hole conference which started on Friday last week, Jerome Powell confirmed that the Fed is going to continue their hawkish policy despite weakening economu, spooked the market. NQ sold off hard on Friday.
The sell-off should continue on this coming week. Monday could be a consolidation day, but if selling pressure gets too intense, selling should continue on Monday
The next major support for NQ is 12,200, prior swing high from June and July. The 12,200 level may cause a bounce. However, if selling gets too intense, we could also see NQ crashing below that support zone without pausing.
Should 12,200 gets broken we could see massive margin sellingthat could tank NQ down to below the June low.
NQ managed to rally on Thursday as the shorts take profit and cover ahead of the Fed annual Jackson hole meeting this weekend.
If the rally is choppy it should then be followed by a sharp drop that will break below 12,850.
NQ traded sideways on Wednesday, the second consecutive consolidation day following several days of large decline
Thursday will be the third day for NQ and it either continue top trade sideways above 12,850 support or breakdown below it, or it mat rally if the shorts decide to take profit and cover their short.
Key level to watch on the NQ on Thursday will be at 12,950, bullish above, with the next resistance at 13,100 and bearish below it.
On Tuesday NQ traded sideways above key support 12,850 and at the end of the day it looks ready to crash below it, and it could occur on Wednesday.
Key support is 12,850 and key resistance is 12,950. A sustained break out of the the 12,850-12,950 could cause a large trending move, especially if the break is to the downside.
A pullback down day for NQ on Wednesday. Whether or not this is going to turn into a 2 to 3 pullback day will depends on the strength of the current short-covering rally.
I am still expecting a 2 to 3 pullback down day followed by a push to higher high, 14,000 or so before topping and rolling over to resume its bear market.
Key intraday inflection price level for NQ on Thursday will be at 13,500, bullish above it, and bearish below it.
Ahead of the release of the FOMC minutes the market traded sideways on Tuesday. And may continue to do so until the minutes if released.
Key intraday inflection price on Wednesday will be at 13,600, bullish above, bearish below it.
Another narrow-range rally day for NQ on Monday. The next upside target remains at 14,000. Support is at 13,550.
A narrow-range trend up day for NQ on Friday. At the end of the day NQ was in overbought zone on the 5-minute timeframe and may need to pullback down before rallying back up again. The upside target for the current rally is 14,000.
Key support on any intraday pullback on Monday will be at 13,430. If NQ can stay above 13,430 zone then NQ should continue to rally on Monday.
Thursday was a bearish reversal down day. Friday tends to be a sideways consolidation day, and depending on where NQ opens on Friday we could see another pullback down day or a bullish day.
Key inflection price level for NQ on Friday will be at 13,380, bullish above and bearish below it.
Support is at 13,100, and resistance is at 13,550-13,600 zone.
After just two pullback-down day NQ opened with a huge gap-up on Wednesday and then basically trade sideways for the rest of the day.
The upside target for the current short-covering rally is still at 14,000 before the rally run out of momentum..
Depending on where NQ would open and trade on Thursday, we cou;d see another up day as thes short-sellers continue to be forced to cover.
Key intraday inflection prce level on Thursday will be at 13,350, bullish above, and bearish below.
A down day for NQ on Tuesday, the second pullback down day on a row. The last pullback had a three down days in a row before the uptrend resumed. Will we get a three pullback down days this time around, will depends on where NQ trades on Wednesday.
Key intraday inflection price level for NQ on Wednesday will be at 13,100, bullish above it, and bearish below it with potential support at 12,900, then at 12,700.
Monday was the 3rd consecutive pullback days for NQ on this current uptrend on the daily time frame. . As such NQ should resume its uptrend on Tuesday.
Failure to do so is an indication NQ is going into a deeper pullback down move before the uptrend resumes.
Key support for NQ on Tuesday will be at 13,100., bullish above, and bearish below it. A break below 13,100 implies a potential pullback-down move to the next support zone, 12,700.before resuming its uptrend.
NQ traded sideways on Thursday and Friday last week, setting up for another trending up day. Key support for the current consolidation is at 13,100.
If NQ can stay above 13,100 on the current pullback then we know the short-covering is still very intense, and that NQ should resume its uptrend soon.
However, breaking below 13,100 is an indication NQ is going to pullback further down before rallying back up again. The next support below 13,100 is at 12,700.
The current short-covering bear market rally may last until the end of August. It should then be followed by relentless sell-off into the end of the year.
After just two very narrow range consolidation days NQ exploded higher on Wednesday. The short-squeezed is starting to get extreme and could get more intense as the remaining shorts starts to capitulate.
The next resistance level is 13,500 but with such extreme short-covering NQ may just break above such resistance without a pullback.
On Tuesday NQ traded sideways in a narrow range for the second consecutive days in a row.
On the daily time frame, NQ is in overbought zone and may need some sideways action or pullback down move before rallying back up again.
Key line-in-the-sand for NQ on Wednesday will be at 12,970, bullish above with first resistance at 13,100, and bearish below it supports are 12,900 then 12,700
The Fed continue to push the stock market higher to forced more short to cover to help reduce the chances of uncontrolled credit crunch
Short-covering should continue as long as NQ remains above above 12,000. Next resistance is 13,000.
Intraday inflection price level for NQ on Friday is at 12,700.
A huge gap-up open for NQ on Wednesday to force the shorts to cover and then another huge buy programs was triggered after the FOMC announced their policy decision which might have caused more shorts to cover.
Will there be more buying after such a large engineered rally, only time will tell. On the intraday price level, key inflection price level for NQ for Thursday trading would be around 12,470, bullish above it, bearish below it.
Monday was the second pullback down days for NQ. Key support on the daily time-frame is 12,200. As long as NQ can stay above 12,200 the rally should continue after a brief pullback.
Should 12,200 support is violated, the trend will turn back to bearish, and the sell-off should be fast.
The FOMC will hold a 2-day meeting starting on Tuesday. I don't exp-ect the market to make a major move until the FOMC announcement on Wednesday.
However, anything is possible, watch the support level off 12,200 as key line-in-the-sand going forward.
Another up day for NQ on Thursday. The next resistance is at 12,850 with or without a pullback day.
The speed of this current short-covering rally looks so strong that it seems set to rally to the next major resistance zone between 13,000-13,300.
With Friday tendency to trade sideways, tomorrow may be the day we see NQ pullback and trade sideways.
Pullback supports are 12,500 and then 12,375
NQ continued to rally on Wednesdat but it has hit quite a strong resistance at 12,500 and may need to pullback down before breaking through 12,500 to the next resistance at 13,000.
Key inraday price level for NQ on Thursday will be at 12,500, bullish above it, the next resistance is 13,000 and bearish below it with first support at 12,200.
NQ needs to stay above 12,200 to keep the rally alive. Breaking below 12,200 support zone is bearish. So on any decline we want to see 12,200 support hold for us to remain bullish.
A trend up day for NQ on Tuesday. At the end of the day NQ was in overbought zone on the short term 5-minute time frame, and may need to pullback down before continuing its uptrend.
Key intraday support for NQ on Wednesday will be at 12,200.
If NQ can stay above 12,200 on Wednesday the rally should continue, with the next resistance at 12,500 with the next higher resistance at 13,000. NQ could have
On Monday NQ opened with a gap-up, to complete its wave 5 rally from the July 14th swing low. It was a typical wave 5 gap, a gap-reversal.
NQ high of the day was just shy of its 12,200 resistance. Profit-taking and new selling caused NQ to drop down to 11,850 support zone.
11,850 will be support for tomorrow with first resistance at 12,000. Failure to stay above 11,850 is likely to trigger more selling with potential support at 11,700 then 11,500.
NQ traded sideways on Friday. Looking at the pattern on the 5-minute chart, NQ has a very clear five wave pattern up when looking at it from Thursday July 14th swing low.
And Friday was wave 5 trading pattern on the 5-minute chart. Wave 5 rally may or may not have ended. Thus key price level we can watch on Monday will be at 12,000.
If wave 5 rally has ended, NQ should break back below 12,000. If NQ remains above 12,000, it is an indication wave 5 is in progress. If so it can continue higher, with the next resistance at 12,200.
Breaking back below 12,000 implies a pullback, first support is 11,850.
11,500 remains a very strong support level. On Wednesday NQ opened with a huge gap-down to just above 11,500 and then bounced very sharply.
It seems that the market may be waiting for reports before the the next leg down on the current bear market resumes.
For Thursday key price level to watch is at 11,700 support and 11,850 resistance. A clear breakout of the 11,700- 11,850 zone is likely to trigger a move to the next level.
Next resistance is at 12,000, and the next support is at 11,500
A down day for NQ on Tuesday.It started the day with a gap-up open, then after a brief rally reversed back down and then trend down all day with a long consolidation before the end of day down trend came in.
NQ dropped down to support and was in oversold zone on the intraday five minutes time-frame near the close.
Key intraday inflection price level for NQ is at 11,850, bullish above, bearish below it. NQ down need to open with a gap-down below 11,600 and then tanked down hard to cause a trending down day.
On Monday NQ opened with a huge gap-down then after quickly dropping down to support, simply trade sideways into the close, setting up for another gap-down open that may cause a trending-down day.
Key price level to watch for on Tuesday will; be at 12,000 resistance, and 11,850 and 11,750 support.
Trading above 12,000 may cause enogh short-covering to cause NQ to rally to break above 12,200 swing high.
Trading below 11,850 is bearish with the next key support at 11,750. NQ would need to break below 11,750 to cause a trending-down day.
After three large up day in a row NQ finally pause and trade sideways on Friday, setting up a large decline on Monday or another large up day on Monday
Key support on Monday will be at 12,000. NQ would need to break below 12,000 to generate a large down move. Failure to break below 12,000 implies another sideways price action day or a continuation of the uptrend.
Resistance is 12,200. A sustained break above 12,200 could trigger another round of short-covering.
Another trend-up day for NQ on Thursday as the shorts continued to get squeezed. NQ has now starting to bump into strong resistance, 12,200 as double-top, 12n300 as prior swing low now resistance, and 12,500 as prior consolidation low.
Any of the above resistance could cause a large drop in NQ from profit-taking and new rounds of selling. However, as long as support is not violated the short-covering rally could continue.
Key support level for NQ on Friday will be at 12,000. With Friday tendency to trade sideways we could see NQ trade between 12, 00 and 12,200.
Important employment reports to be released before the market open on Friday could change the above analysis.
Another up day for NQ on Wednesday. NQ high of the day was just below key 12,000 resistance level which was sold quite hard at the end of the day.
Key inflection price level for NQ on Thursday will be at 11,850, with first resistance at 12,000, and first support at 11,750
As mentioned in my blog yesterday NQ is in a bullish technical pattern on the daily chart. Then on Tuesday NQ opened with a huge gap-down to support, 11,400, but was not able to tanked below support, as a result the shorts covered which sent NQ rocketing up all day.
At the end of the dau on Tuesday NQ was hitting resistance and in overbought price zone on the 5-minute time frame. As such it should not surprise us to see some p[pullbacks before rallying back up again.
The next key resistance for NQ will be at 12,000 ares. If NQ could not break above 12,000 we could see heavy selling coming in again.
A sustained break above 12,000 implies NQ is likely to rally up to 12,500 and then 13,000.
Key intraday support for NQ is at 12,580
A sideways non-trending day for NQ on Friday last week. At the end of the day the short-term technical pattern for NQ is bullish and looks ready to rally on Tuesday.
However, for the rally to materialise, NQ would need to stay above 11,550, which will be key inflection price level for NQ on Tuesday. If so the next upside target for NQ is at 11,750
If NQ should trade back below 11,550, that is an indication NQ is bearish.h below 11,550.
NQ traded sideways on Thursday, between support at 14,000 and resistance at 11,660. Key level for NQ on Friday will be at 11,400, bullish above it, berish below it.
Friday trading going into a long wekend tends to be choppy sideways, and often non-trending. anything is possible on Friday, but 11,400 will be key inflection price level.
Following a huge down-day for NQ on Tuesday NQ traded sideways in a narrow trading range on Wednesday, setting up for another large down day.
Whther or not NQ will trend down on Thursday will depends on whether or nopt consolidation has ended. Once consolidation has ended it will trend back down again with a huge down day.
Key price level to watch for on Thursday will be at 11,550, Bullish above and bearish below it.
If NQ should trade below 11,550 on Thursday and if it could remains below that level, we could see a huge down day, with the next support level at 11,060, double-bottom with June 16th swing low, and NQ have have to break below it before consolidating sideways again.
Also watch out for a falsebreak below 11,550 that could be followed by fast and large intraday reversal-up move.
A large down day for NQ on Tuesday. It looks like the downtrend might have resumed and that the pullback-up move has ended. Monday was the 7th pullback-up days from the low for NQ, and it was a reversal day.
A large down day during a usually bullish preiod going into the long weekend is an indication the stock market is in deep trouble.
With NQ closing below key support, 11,750, NQ would need to trade back above 11,750 to stall liquidation selling.
Thus key inflection price level for NQ on Wednesday will be at 11,750., bearish below it and bullish above it.
A pullback-down day for NQ on Monday. The stock market may just continue to trade sideways into the long weekend as most large traders are out of te office.
Key inflection price level for NQ on Tuesday will be at 12,040. With market makers determine to keep the market trading sideways or rally until the end of the month for options expiration, we could continue to see sideways market.
A breakout day for NQ on Friday as the short-sellers were forced to exit. As the long weekend holidays looms, and as most large traders would be on holiday and out of their office, in a low volume trading environment, we could see the shorts continue to exit their position, thus cause the stock market continuing to continue rally.
As long as NQ does not break key support level we could see continual rally all week next week into the long weekend.
For Monday, key support level will be at 11,850. As long as any pullbacks does not violate 11,850 the rally should continue. The next resistance is at ..12,280-12,300
NQ remained inside its 7-day trading range on Thursday but has clearly broken above it in overnight trading. If NQ should open above 11,780 we could see short-covering rally. If so the next resistance is around 12,000.
Intraday line-in-the-sand tomorrow will be at 11,640, bullish above it, first resistance is 11,850 then 12,000.
Another choppy sideways trading action for NQ on Wednesday. NQ has been trading inside a range between 11,060 and 11,770 for the last seven days, and it may be ready to trend down back again.
NQ could also extend its pullback rally to a higher price before going back down. The next upper price level target is around 12,000.
Ket inflection price level for NQ on Thursday will be at 11,570, bullish above it, bearish below it.
After opening with a gap-up on Tuesday which forced some shorts to cover, after a brief short-covering rally in the early morning, NQ traded sideways to down to close right in the middle of the day range, a neutral close.
On Tuesday the chances of more rally or a selloff is about equal. Key price level to watch for is 11,600, bullish above it, and bearish below it.
Key support at 11,400, which has the potential to cause a bounce. If 11,400 support does not hold we could see more heavy selling.
A choppy sideways trading pattern for NQ on Friday. With the market closed on Monday it would be difficult to forecast what the market is going to do on Tuesday.
The market is in oversold zone on the daily chart and the weekly chart, and may get an oversold bounce perhaps this week before going back down. So far, heavy selling has prevented any big bounce from happening.
Key intraday inflection price level for NQ is at 11,300, bullish above it, bearish below it.
The stock market will be closed on Monday, Juneteenth National Independence Day. The market will reopen on Tuesday
After a huge rally on Wednesday following the FOMC policy decision announcement the stock market opened with a huge gap-down on Thursday, then after trending down most of the day there was the usual end of day profit taking rally.
Friday tends to be a choppy sideways day as traders balances their books ahead of the weekend, expect Friday to be sideways consolidation.
However, with the market so bearish, we could also see another sell-off day as many buyers are now trapped with huge losing position. If they are forced to exit de to margin all, we could see huge selling again on Friday.
Key intraday inflection price level is at 11,150, with first resistance at 11,250, then 11,425
NQ opened with a gap-up on Wednesday, ahead of the FOMC decision. After the released of the FOMC decision on Wednesday NQ spiked up and down into the close.
Although many shorts might have covered their short position to lock-in profit, the rally was very choppy and not bullish action at all.Would NQ rally continue on Thursday or would it be just a one day rally, only time will tell.
Key intraday inflection price level for NQ on Thursday will be at 14,575, bullish above, bearish below it.
With the Fed raising its Fed fund rate by 75 basis points on Wednesday the possibility of a big rally is not likely as the Fed would continue to drain liquidity out of the system
The bear market should continue.
On Wednesday the FOMC will announce their decision on interest rate. The market is expecting a 75 basis point rate increase and the stock market has priced that in.
If the FOMC instead decided to raise its interest rate by only 50 basis points we could have a potential sharp short-covering rally that may last two to three days.
If on the other hand the FOMC increases their target rate by 75 or 100 basis point we could see the market continue to tank.
Key inflection price evel for NQ on Wednesday will be at 11,500, bearish below, and bullish above it.
A huge opening gap-down for NQ on Monday following a huge gap-down on Friday. The market is simply reacting to shrinking liquidity in the market from a combination of interest rates increases and the upcoming quantitative tightening event.
The Fed is now going to continue to raise interest rates in order to keep the US dollar from collapsing. As such, the Fed may continue to keep raising interest rates for much longer that most people think. As a result financial market should continue to decline.
For NQ on Tuesday, with the FOMC schedule to raise interest rates more agressively that most people thought, we could see the market continuing to drop.
On the intraday basis, NQ would need to trade back above 11,500 in order to reduce the selling pressure. If NQ should continue to trend lower we could start to see a massive crash as traders and investors are forced out of their long position due to margin call.
A huge opening gap-down for NQ on Friday last weeks, forcing the buyers to exit their long position which cause NQ to tanked hard. NQ then traded sideways in the afternoon, a bearish bearflag pattern, setting up another huge downtrend on Monday.
NQ has already traded over 200 points soon after the globex market open on Sunday evening. due to the fact that the Fed is going to hike interest rate this coming week in addition to starting its quantitative tightening which will drain liquidity from the financial system.
Key intraday inflection price level for NQ on Monday will be at 11,850, Trading below it is bearish. Monday is likely a huge down day, targeting a break below 11,500
NQ traded sideways inside the range but sold off hard at the end of the in anticipation of a hot CPI to be released on Friday.
Nq has broken below 12,400 key support and close below it. NQ should;d now tank down to the next support level;, 12,000. Will that support level hold, only time will tell. But it looks like the downtrend has resumes after a very shallow pullback rally.
NQ would need to rally back above 12,575 to prevent liquidation decline, and be bullish again.
Another narrow-range choppy day for NQ on Wednesday. NQ has been stuck inside the range between 12,400 - 13,000 for the last eight day in a row.
Without a catalyst NQ is going to continue to trade sideways inside the range. Once it breaks we could see a large and fast trending move out of the range.
Intraday inflection price level for NQ is at 12,680, with first resistance at 12,800 and support at 12,450.
NQ continued to trade sideways inside a trading range between 12,400 support and 13,000 resistance. It will continue to do so until it can break out of the range, either up or down.
A sustained breakout of the range would likely to cause a trending day, in the direction of the break.
Intraday inflection price level for NQ on Wednesday will be at 12,650, bullish above it with first resistance at 12,800, and bearish below it with first support at 12,400
After a brief rally in the morning from short-covering activities after a huge gap-up open NQ tanked down to support before trading sideways into the close.
Price action in NQ is bearish, with sellers jumping in to sell even before NQ rally up to crucial resistance level, 13,000.
NQ remained stuck between 13,000 resistance and 12,400 support for the last six days, and may be ready to breakout, up, or down. It would continue to trade sideways as long as it remains inside the 12,400 - 13,000 trading range.
However, a clear and sustained break out of the 12,400-13,000 trading range is likely to cause a large trending move out of the range, uptrend above 13,000, and downtrend below 12,400.
On Friday NQ traded back down towards trading range support 12,400 from trading range resistance at 13,000.
Key intraday inflection price level for NQ on Monday will be at 12,650,
Bullish above it, with resistance at 13,000, and
Bearish below it with support at 12,400. The next lower support is 12,050
NQ rally resumed on its third pullback day, that is on Thursday. The short-covering rally was very strong as the short-sellers were forced t cover..The rally should continue with the next upside target at 13,500-13,550
NQ has now broken above its key resistance level of 12,800. which should serve as Fridays's key support level on any pullback down move.
As long as NQ does not violate 12,800 on Friday, NQ rally should;d continue with the next resistance at 13,000 and then at 13,500-13,550
Trading below 12,800 implies a sideways trading action, with lower support at 12,650
Wednesday was a pullback down day for NQ, the second pullback day following a sharp oversold rally last week. It is possible for NQ to have another pullback down day on Thursday, which will be the third pullback down day. To do so NQ would need to stay below 12,650.
NQ support for Thursday will be at 12,450 and resistance at 12,650. A break of either support or resistance should cause a sharp move out of the range.
NQ traded sideways on Tuesday between resistance at 12,800 and support at 12,500, a 300 points trading range. At the end of the day the range had narrowed to 12,600-12,800.
Key trading range for Wednesday will be between 12,600 support and 12,800 resistance. A break below 12,600 could cause a sharp selling, especially if NQ should break below 12,500.
Staying above 12,600 is likely to keep NQ in the trading range, 12,600-12,800.
NQ pullback high on Thursday was at its 20-ma on the daily chart. Since then, under very low volume globex session, buy programs has continued to push NQ higher.
NQ is now trading above its 20-ma on the daily chart, and also above its key resistance at 12,600, a key inflection price level on Tuesday.
When regular trading environment returns on Tuesday we shall see how and where NQ would trade in relation to its key inflection price, 12,600, bullish above it, bearish below it.
