NQ Guideline For Thursday

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

NQ Guideline For Wednesday

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.

NQ Guideline for Tuesday

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

NQ Guideline For Monday

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 Guideline For Friday

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.

NQ Guideline For Thursday

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.

NQ Guideline For Wednesday

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.

NQ Guideline For Tuesday

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.

NQ Guideline For Monday

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

NQ Guideline For Friday

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 Guideline For Thursday

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.

NQ Guideline for Wednesday

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.

NQ Guideline for Tuesday

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.

NQ Guideline For Monday

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 Guideline For Friday

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.

NQ (Dec. 2022 Contract) Guideline For Thursday

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.

NQ Guideline For Wednesday

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

NQ Guideline For Tuesday

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

NQ Guideline For Friday

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