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.
