After trading sideways in the morning, NQ rallied very strongly from short-covering, but dropped sharply at the end of the day due to bad earning reports from several tech companies such as Amazon and Apple.
Where the market open on Friday is key, at the close 13,250 was support, which will be key line-in-the-sand on Friday.
Will NQ sell-off tomorrow on Friday ahead of the FOMC meeting next week? We just have to wait. Resistance is 13,500 support is 13,000.
Following a large down trending day on Wednesday NQ traded sideways, consolidating the huge down trending day. It was an inside day.
Consolidation lasted one to three days before the trend resumes. With Wednesday as consolidation day one, we could see either another day of consolidation or resumption of the downtrend.
Key intraday support-resistance price level for NQ on Thursday will again be at 13,100, bullish above with first resistance at 13,250 bearish below it with first support at 12,950.
After breaking below support on Friday and then consolidation on Monday, after just one consolidation day NQ downtrend resumed on Tuesday. A large down day with a clear break below the February-March swing low,closing below the broken support.
Key price level for NQ on Wednesday will be at Tuesday consolidation low, 13,100, and it will serve as key line-in-the-sand rt/resistance price level..
If NQ should pullback up to 13,100 on Wednesday, there would be a lot of algos waiting to sell at or below 13,100. However, if NQ should break back above 13,100, any pullback to it should be bought.
An intraday reversal day for NQ on Monday,. After making a new low below Friday low, NQ was finally able to rally, but in a very choppy manner, indicating it was more profit-taking and some short-covering.
Key price level for NQ on Tuesday will be at 13,500, bullish above it with resistance 13,780, and bearish below it with the first support at friday low, 13,250
The FOMC meeting next week will be very important for the future market direction. If the Fed starts QT we can see the market will sell-off hard. No QT implies the market will rally.
NQ has been in free fall for the last two trading sessions since breaking below key support level of 14,275.
With no strong support until 13,000 NQ could easily tank down to 13,000 on Monday, or it may paused and consolidate the big drop for a day before tanking and crashing down below 13,000.
NQ would need to trade back above 13,775 to trigger some short-covering rally.
Key intraday line-in-the-sand for NQ on Monday will be at 13,500, bullish above it with first resistance at 13,775, and bearish below it, with first support at 13,000.
On Thursday, NQ opened and quickly rallied up to key resistance zone 14,250-14,300, then reversed back down and trend down all day, down towards key support, 13,780, and broke below it, and also closed below that support level.
Since Friday tends to be a sideways consolidation day, NQ would need to stay below 13,780 to tank down to lower level of support, at 13,000.
If NQ can rally back up above 13,780 we could see NQ possible rally to 14,000 resistance.
A narrow-range sideways price action for NQ on Thursday as NQ remains inside a trading range between 13,780 support and 14,300 resistance. Until NQ breaks out of the range it is going to continue to trade sideways inside the range.
Key intraday inflection price level for NQ on Thursday will be at 14,000, with overhead resistance at 14,250-14,300 and support at 13,780.
After breaking below strong support at 14,275 and then dropping down to the next lower support at 13,780, NQ has been stuck inside that trading range 13,780-14,275 for six consecutive days.
13,780-14,275 will remain key price levels until it breaks out of it. When it breaks, NQ should quickly trend to the next resistance level if the break is to the upside, and NQ should tank down to the next support level if the break is to the downside.
A clear break above 14,275 should rocket NQ up to the next resistance level, 15,150.
A break below 13,780 support should tank NQ down to 13,000
Intraday key inflection price level is 14,000, with resistance at 14,250 and support at 13,780
NQ traded down to key support at around 13,780 zone on Monday, support from prior pullback swing high on March 09 then traded sideways all day above it.
On Tuesday key price level for NQ will be at 14,000.
If NQ can trade and stay above 14,000 we could NQ rallying back up to the next resistance at 14,275. However, trading below it implies NQ consolidation is continuing, with support at Monday low of 13780 zone
NQ would need to trade below 13,780 to indicate that the current downtrend has resumed. If so the next support is at 13,000.
After breaking below key support of 14,275, and then retested it on Wednesday NQ dropped back down to its next support level, 13,850.
One-day pullback after breaking support is an indication NQ is in fast move dowd. Overnight on Sunday night NQ has broken below 13,850.The next lower support level is 13,750 then 13,725.
If NQ should clearly break below 13,725 support , it should quickly tank down to March low, 13,000.
Key line-in-the-sand for NQ on Monday wil be at 13,725, bullish above it, bearish below it.
A sustained breakout of the 13,870-14,275 trading range could cause a trending move out of the range. On the other hand a falsebreak out of the range will results in a fast reversal
Intraday inflection price level for NQ on Thursday will be at 14,190, bullish above, bearish below it.
After a sharp rally to retest resistance NQ downtrend continued on Tuesday, making another lower low. It was a very large range from day high to day low.
The current downtrend is still fully intact. However, NQ day low on Tuesday was not too far above the next major support of 13,800, thus could cause a big bounce.
NQ resistance is now 14,035 and support 13,800. a fast downtrend will remain if NQ could not break above 14,035.
A sideways consolidation is likely if NQ can rally above 14,035.
On Monday NQ opened with a huge gap-down below strong support and as always, it trend down for the day.
With inflation reports to be released on Tuesday and expected to be very hot, the market is already trading lower after market in anticipation of a very high inflation report.
The market may open with a gap-down and then trend down for the second day in a row. Support for NQ is now at 13,680-13,780 area.
If those strong support is violated, the next lower target is the February-March low, 13,050 area.
A sideways trading action for NQ on Friday, downtrend in the morning, then rally during midday and then trend back down in the afternoon into the close.
NQ has been trading for the last three day above strong support, and it is time for NQ to either crash down below support on Monday or NQ would rally sharply as the shorts exit their shorts and reverse to long, thus likely cause a very strong rally back up into resistance zone.
On Monday key intraday line-in-the-sand for NQ will be at 14,400, bullish above it with resistances at 14,650 and 14,750, and bearish below it.with supports at 14.270, then 14,170 then 13,800
On Thursday NQ traded sideways above support then followed by a huge afternoon rally. NQ is now stuck between support at 14,250 and resistance at 14,725. Until it breaks out of the range, we could continue to see sideways price action.
With Friday tendency to be choppy and sideways trading action, NQ would need to break out of the 14,250-14,725 trading range to trend.
Key intraday inflection price level for NQ on Friday will be at 14,520, resistance is at 14,725 and support at 14,300.
A huge opening gap-down below key support level for NQ on Wednesday. It then trend down to key supports at 14,450 before spending the rest of the day trading sideways above support.
Key support levels for NQ on Thursday will be at 14,450, then 14,350 and 14,250. These levels are very strong support, provided by prior swing high on the daily chart.
Prices from 14,250 to 14,450 are very strong support. If NQ should break below then here is no support until 13,380.
If NQ can stay above 14,250-14,450 support zone we could either see a rally back to 14,700-14,800, or just trade sideways between support and resistance 14,720
After rallying to just below the rally high of March 29th on Monday NQ sold off hard on Tuesday. Unless NQ can break-back above March 29th high, the breakout high on March 29th would be a falsebreak high.
If so, we would see massive and fast selling as many traders who bought the breakout on March 29th and the pullback low on Friday, would have to either bail or get run-over.
Key price level to watch for going forward is March 29th high 15,268) and and the pullback low on April 01, (14,722)
A break above March 29th high (15,268) is bullish, and A break below April 01 low, 14,722 is bearish.
Key intraday price level for NQ on Wednesday is 14,855, bullish above it, bearish below it. However, NQ would need to clearly break above 14,963 to continue to rally higher.
After a 3-day pullback down move, NQ resumed its rally on Monday. The day high on Monday is back to just below key resistance zone, the 200-day moving average on the daily chart.
A break will likely forced the shorts to cover, and that can cause the NQ to rocket to its next resistance zone, 15,500-15,700 for NQ.
Failure to break above resistance on Tuesday could cause a sideways action. NQ would need to break below the pullback low, below 14,722 swing low to start to run over trailing stoploss for those who has bought the pullback.
Key intra-day support for NQ on Tuesday will be at 15,065, next lower support is 14,960
A sideways trading action for NQ on Friday. It was the normal Friday trading pattern, downtrend in the morning, then reverse to uptrend in the afternoon.
Friday was the third pullback down day, which means that if the current uptrend is in fact still in progress we should see a sharp rally day on Monday.
If, on the other hand, we get another down day on Monday, it is an indication that the current rally that started on the fifteen of March, has likely ended, and indication the downtrend has started.
Key intraday inflection price level for NQ on Monday will be at 14,785, bullish above it with the next resistance at 14,970, and bearish below it with the next support at 14,670
