NQ Guideline For Wednesday

The FOMC will announce their policy decision in the afternoon on Wednesday. With most market participants having factored in 0.25% Fed Fund rate hike on Wednesday the wording of the their press release would determine what the impact on the market will be.

As long as the Fed does not spook the market with their announcement we should see the market continuing to rally for a few more month before the rally end and the bear market resumes.

Key price level for NQ on Wednesday will be at 12,300.

With so many stop-losses congregating above 12,300, a break above 12,300 has the potential to trigger massive short-covering with the next resistance not until 12,800. It could take 2 to 3 days to get there or it could do it all in one day.

Key support is at 11,950. Bearish below it, with lower support at 11,550-11,700

NQ Guideline For Tuesday

NQ opened with a huge gap-down and then trend down soon after the open on Monday. After the initial sell-off NQ simply traded sideways in a narrow trading range into the close.

The afternoon trading pattern looks bullish and should bounce if it can stay above key support at 11,980. Key resistance to break is at 12,070. 

Trading above 12,070 could trigger a short-covering rally, and trading below 11,970 could cause a sharp sell-off.

On the daily chart, NQ looks like it want to drop down to 11,700 support.

With FOMC decision on Wednesday we could see a choppy sideways market until the announcement on Wednesday.

NQ Guideline For Monday

Friday was the third rally day in a row. For NQ the high of the day on Friday was at double-top resistance with December 13 swing high.

With stop-losses congregating just above the double-top swing high of 12,300 we could see an aggressive push above the high to trigger a short-covering spikes.

On Monday and going forward 12,300 will be a major line-in-the-sand for so many major algorithms. If NQ should break above 12,300 and continue to push higher, we could see a major short-covering spike to the next resistance at 12,500 but strong resistance is not until 12,800..

If NQ should pullback down from overbought condition, first support is at 12,050.

NQ Guideline For Friday

Another large up day for NQ on Thursday with the early morning decline to support after opening with a huge gap-up.

Friday may be a sideways consolidation day with key intraday inflection price level at 12,015, with key support at 11,900, and first resistance at 12,150. 

If we should get another rally day on Friday the double-top resistance for NQ is at 12,300

NQ Guideline For Thursday

A huge gap-down open to support on Wednesday was bought aggressively, and NQ spent all day rallying back up. 

If that was all the pullback we are going to get we should see NQ rocketing back up again on Thursday unless we get some unexpected bearish market-moving news in the morning before the open.

Key inflection price level for NQ on Thursday will be at 11,860, bullish above and bearish below it.

NQ Guideline For Wednesday

NQ traded sideways all day on Tuesday, trading in a very narrow range, It eventually made a higher high above Monday swing high after the close of the regular trading hours.

NQ has now completed a 5-wave rally from its pullback low on January 19th, setting up a likely deeper multi-days pullback starting on Wednesday. 

Overnight, NQ has traded below its intraday support/resistance price level. ,If NQ should open below its intraday support/resistance price level at 11,850, its first downside ,pullback target is 11,400.

NQ Guideline for Tuesday

A huge morning rally for NQ on Monday that was followed by a sideways consolidation pattern in the afternoon.

Once consolidation has ended we could see another rally to higher high above Monday high before the current rally ends and then it can go into a larger two to three days pullback, or even a much larger pullback.

Key inflection price level for NQ on Tuesday will be at 11,930, with the next upside target anywhere from 12,050 to 12,150.

Trading below 11,930 is an indication NQ is still in a consolidation mode before it rallies back u to higher high above Monday's swing high.

NQ Guideline For Monday

A trending up day for NQ on Friday as the shorts got squeezed. It was a very large up-trending day on Friday, so we could expect a sideways consolidation day on Monday.

Key inflection price level for NQ on Monday will be at 11,550-11,585, with first support at 11,485, and resistance at 11,700.

If NQ should first, rally in the morning we could see afternoon selloff, or if NQ should first, pullback down to support in the morning we could then see NQ rally to higher high above Friday high before selling off in the afternoon.

NQ Guideline For Friday

A sideways non-trending day on Thursday the day after a trending day on Wednesday. It was another down day, day two pullback.

With Fridays tendency to trade sideways we could see another day on sideways pattern on Friday.

Key support for NQ on Friday will be at 11,300 and key resistance is at 11,485

Key inflection price level for NQ on Friday will be at 11,375.

NQ Guideline For Thursday

A reversal day for NQ on Wednesday. After making a new higher high after the open NQ reversed sharply and then trend down all day with the close at the low of the day.

NQ is likely to continue to stay in a pullback-down mode for another 1 or 2 more day, with downside target at 11,077 key support.

Supports that can stop the decline are at 112,375 and then  11,200.

Key intraday inflection price level is at 11,520, with the next resistance at 11,570.

NQ Guideline For Wednesday

A very narrow range day for NQ on Tuesday as it starts to bump into strong overhead resistance at 11,700 zone. As such, NQ may need t9o go into pullback-down mode for 1 to 3 days before it can rally back up again, that is, as ling as the down-days does not violate key support areas.

NQ could also continue to rally, but it is starting to be risky to be on the buy side for now until we get several days of down days.

Key intraday support for NQ on Wednesda will be at 11,550, bullish above, bearish below it.

NQ Guideline For Tuesday

The stock market was closed on Monday for the Martin Luther Kng holiday. The stock market wilt reopen on Tuesday.

NQ has been rallying for the last six days, Tuesday being the seventh day, as such it could continue to rally on Tuesday before pulling back down.. To do so It must stay above key support, which on Tuesday will be at 11,500.

A clear break below 11,500 is an indication NQ is going into a pullback down move that may last from 1 to 3 days, with downside targets at 11,350, 11,200 and 10,770.

NQ Guideline For Monday

On Friday NQ bounced off key support soon after the open and then trend all day with a close near the high of the day.

Important target for the current rally from the low on January 06 would be at 11,750, a 1:1 target with could cause a problem for the current rally, now that it is starting to get into overbought condition on the 60-minute and the daily chart timeframe.

From the January 06 low, Monday will alse represent day 7 of the current rally. Day 7 and day 8 (Tuesday) could represent a top that could be followed by 1 to 3 days of pullback (down days).

On the 5-minute intraday chart, key inflection price level for NQ on Monday will be at 11,550 bullish above, bearish below it.

NQ Guideline For Friday

A choppy sideways day for NQ on Thursday. The choppy sideways pattern may continue on Friday with support at 11,400 and resistance at 11,570.

A break above 11,570  is an indication that NQ may rally to the next resistance at 11,670.

If NQ should break below 11,400 support, the next support is at 11,200-11,300.

NQ Guideline For Thursday

A rally day for NQ on Wednesday, with the open near the low of the day and the close near the high of the day. 

As such, we can expect a high probability of a sideways consolidation day on Thursday with either morning rally then afternoon decline, or a morning sell-off that is followed by afternoon rally.

The CPI number to be released tomorrow could totally change the dynamics.

Key line-in-the-sand for NQ on Thursday will be at 11,385, bullish above, bearish below it.

NQ Guideline For Wednesday

A sideways consolidation pattern for NQ on Tuesday. At the end of the day NQ looks ready to trend back up or trend down.

Key inflection price level for NQ on Wednesday will be at 11,230, bullish above it, bearish below it.

First resistance is 11,400, supports are 11,200 and then 11,077

NQ Guideline For Tuesday

On Monday NQ continued the rally that started on Friday but this time NQ reversed at lunch time and sold off the rest of the day, setting up a highly likely sideways consolidation day with key support at  11,080 and key resistance at 11,400

Should NQ break-back below 11,080 support it could trigger sharp selling with the next lower support at 10,860.

NQ Guideline For Monday

A huge rally for NQ on Friday as it bounced off it double-bottom support at 10,760 area. The bounce too off key resistance at 112,080, which on Monday would be a good inflection price level to watch.

If NQ can stay above 11,080, it has the potential to trigger more shoprt-covering which then could cause a continual rally to the next resistance at 11,270 and 11,400. Strong resistance will be at 11,500.

If NQ should break back below 10,760 support, it would imply the counter-trtend oversold bounce has ended, and the downtrend has resumed.

On the daily chart, NQ is still showing a pattern of consolidation prior to crashing down below 10,760 support and then crashes below the October low.

NQ Guideline For Friday

Another down day for NQ on Thursday but it was very choppy and narrow-range as NQ continue to push deeper into oversold zone on the daily timeframe.

If NQ should break below double-bottom supports and triggers some sell programs we could see large liquidation decline.

The two key double-bottom supports are at 10,760 and 10,600. A break below one of these double-bottom supports could trigger massive selling.

NQ Guideline For Thursday

A sideways choppy trading action for NQ on Wednesday as NQ remains stuck between 10,850 support and 11,080 resistance.

If NQ remains snide the range between 10,860 to 11,080 we would like see more choppy actions. A break out of the 10,850-11,080 should cause a trading move, with resistance at 11,275 and 11,390, and support at 10,600

Intraday inflection price level on Thursday will be at 11,95.

NQ Guideline For Wednesday

A huge gap-up open on Tuesday, designed to trigger a short-covering rally, failed to attract enough buyers as selling overwhelmed buying, tanking NQ quickly before trading sideways into the end of te day.

On the daily timeframe, the technical pattern looks very bearish. NQ had 3-days of choppy rally before selling off on Tuesday, an indication the downtrend may have resumed.. 

To avoid a massive selling NQ would need to stay above double-bottom support at 10,777, a key technical support.. A sustained break is very likely to run over trailing stop-losses and trigger a sharp and large down day.

Key intraday line-in-the-sand for NQ on Wednesday is at at 10,975, bullish above it, bearish below it.

NQ Guidline For Tuesday

Tuesday will be the first trading day of 2023. As such anything is possible. Many traders and investors and fund would be starting to reposition their portfolio for 2023.

On the daily timeframe, NQ hs been bouncing from double-bottom support plus oversold condition for the last two weeks, with key resistance at 11,086-11,100

Bullish above 11,100 and bearish below it.

On an intraday basis, key inflection price level for NQ on Tuesday will be at 10,950, bullish above it and bearish below it.