A sideways trading action for NQ on Friday with the close above key resistance at 13,300. For Monday 13,300 will be key rice level. Trading above 13,300 could trigger another round of short-covering rally.
With the FOMC meeting announcement on Wednesday we could see bullish price action as the Fed may want to cause a major rally ahead of them raising another 25 basis point raise in short-term interest rate.
Trading below 13,300 is bearish.
On Thursday NQ opened with a huge gap-up above 13,000 key support that was broken on Wednesday. As such, the shorts were forced to cover triggering all day short-covering rally.
NQ closed just below key resistance at 13,300, which will be key price level and key resistance for NQ on Friday and going forward.
If NQ is not able to break above 13,300 on Friday we should see NQ pulling back down and trade sideways, with key support at 13,000.
A sustained break above 13,300 should trigger another round of short-covering rally.
A sideways trading action the day after a trending down day on Tuesday. If NQ remains below 13,000 previous support now resistance we should see another down day on Thursday.
To do so it must break below 12,870 support and trend lower, with the next support at 12,700-12,750
NQ finally broke below support and then trend down all day. At the end of the day after the regular trading sessions has closed, some large buy program was triggered to push the market up. However, the trend down had started and should continue down.
Key intraday price level for NQ on Wednesday will be at 13,000 and it is a key resistance, with support at 12,750. Tradiong below 12,750 could cause another trend down day on Wednesday, above it implies likely sideways consolidation price action.
Another sideways day for NQ on Monday as NQ remaines inside a narrow trading range between support and resistance. Trading range support is now at 12,970 and resistance at 13,225.
NQ looks ready to break below support and trend down, with the next downside target at 12,750, then 12,550
For Tuesday key intraday resistance is at 12,060, bullish above it and bearish below it
As expected, NQ traded sideways on Friday. NQ should continue to trade sideways until it breaks out of the current trading range between 13,000 to 13,300, and then stay out or the range on a break, triggering more buying or selling depending on where it breaks out to.
I still expect the breakout to be to the downside. Key support is 13,000.
On the intraday timeframe, key price level for NQ on Monday will be at 13,120 resistance and 13,056 support.
Another sideways price action for NQ on Thursday. With Friday tendency to be choppy sideways trading pattern we could see another similar pattern on Friday.
Key price level for NQ on Friday will be at 13,150, bullish above and bearish below it. We may even see NQ dropping down to lower support 12,900-12,950, on Friday.
Another narrow range sideways day for N on Wednesday. This type of trading pattern is going to continue until NQ breaks out of the trading range, 13,000-13,300
The break is likely to the downside with the downside target at 12,400-12,600 before a bounce.
On the intraday basis, key support is now at 13,150.
NQ is still trading inside the current trading range with 13,00 support and 13,300 resistance. On Tuesday NQ traded between 13,300 resistance and 13,150 support.
13,150 is now inflection price level for NQ on Wednesday with resistance at 13,300 and support at 13,000
We need to see a clear break out of the 13,000-13,300 trading zone before we can get a larger intraday trading range.
NQ remained inside a balance zone between 13,000 as support and 13,300 as resistance.
Price actions is showing us that the more likely break is to the downside, meaning that NQ would break below 13,000 support and then tank down to 12,500 area.
On the intraday timeframe inflection price level for NQ on Tuesday is at 13,150
A sideways trading action for NQ on Friday. NQ is currently stuck between 13,000 support and 13,300 resistance. It needs to breakout of the trading range to trigger trending moves.
The current rally that started in March has ran into overbought condition on the daily chart, and it is not able to trend up until it gets a decent pullback down moves.
NQ opened with a gap-up on Thursday with the buy program that started during overnight trading continuing all day on Thursday. NQ is now back in the bullish zone.
Key support for NQ on Friday will be at 13,100. As long as any pullback can stay above 13,100 we could see NQ rallying or trading sideways in a trading range as is often what happens on Fridays..
The market manipulators tried to trigger a short-covering after the lower than expected CPI number on Wednesday morning, but the gap-up open was immediately sold.
After the midday rally seller came beack in to sell in the afternoon that lasted until the close.
NQ should continue to sell-off on Thursday if it can break below its key support level at 12,930. If 12,930 support can hold we could see NQ bouncing back up to 13,100.
Trading below 12,930 support could tank NQ down to lower support levels at 12,850 then 12,730
A very narrow range trading action for NQ on Tuesday as traders and investors wait for the release of CPI numbers on Wednesday. As such we should see bigger moves and larger trading range on Wednesday.
Key intraday inflection price level for NQ on Wednesday will be at 13,150, bullish above it, bearish below it.
On Monday, after opening with a huge gap-down and then dropping down to support, NQ started to rally which lasted all day into the close.
The rally should continue on Tuesday, either with a pullback, or without a pullback, and the next upside target is at 13.350-13,400.
Key breakout resistance price level to break is at 13,190. If NQ can clearly break above 13,190 we could see fast short-covering rally.
Key support for NQ to stay bullish is at 13,000
On Wednesday, NQ sold off hard in the morning and then consolidated sideways in the afternoon. The afternoon pattern looks like a big bear flag (bearish pattern),. If so, it should sell-off again on Thursday with the next support at 12,877.
Key intraday line-in-the-sand for NQ on Thursday will be at 13,080, bullish above, with the next resistance at 13,150, and bearish below it.
Friday is easter, as such the market may get choppy
Another narrow range consolidation day for Nq on Tuesday.With NQ closing right at it balance price zone, the direction of its movement on Wednesday will depend of where it trades in relation to its inflection price level, which for Wednesday will be at 13,230.
Above 13,230 we could see NQ rallying back up to retest Tuesday swing high while trading below it is an indication NQ is going into a deeper pullback down mode to retest breakout price level, 13,000-13,070.
NQ traded sideways on Monday following a trending up day on Friday.
There is a good possibility that NQ would again trade trade sideways on Tuesday if it is not able to trade above Friday swing high, and then continue higher.
Key price level for NQ on Tuesday will be Friday swing high.
Trading above Friday high has the potential to trigger more short-covering, and could result in another trending up day. If so the next resistance is between 13,350 to 13,500.
trading below Friday high implies more sideways trading pattern with support at 13,200. Trading below 13,200 implies more selling with the next lower support at 13,000-13,070
On Friday NQ opened and then quickly rally above Thursday high forcing the shorts to cover. Short-covering continued into the close on Friday. It was a trending up day on Friday.
More shorts may need to cover, and the target is still inside th range of 13,350-13,500 for the short-covering before we can expect a 2 to 3 days pullback down days on profit-taking.
On Monday we could see some pullback before the rally resumes. Key support for pullback is at 13,100. Still bullish above it. but trading below Friday high may cause a sideways consolidation type of day.
