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.
