A sideways trading action for NQ on Wednesday ahead of the FOMC policy decision announcement on Wednesday. With most expecting no change in policy we could see the short starting to cover. If so, we should see a big rally day.
Key price level to watch for on Wednesday will be at 14,500, bullish above and bearish below it.
Another pullback-up day for NQ on Monday, the second day in a row, likely waiting for the FOMC meeting announcement on Wednesday.
If the current downswing is still in progress NQ should resume lower on Tuesday, perhaps after rallying back up to resistance between 14,500 - 14,585.
If NQ manage to rally back above 14,850, it is an indication that the current downswing has likely ended. If so ;look for NQ to continue to bounce back up to its upper trendline resistance at 15,150.
Key inraday inflection price level for NQ on Tuesday is at 14,400, bullish above it, bearish below it
NQ traded sideways on Friday following two large consecutive down days. On Monday NQ is likely to continue lower if it is not able to trade and stay above 14,400 key resistance for Monday.
Key price level for NQ on Monday will be at 14,150 support and 14,400 resistance.
The next support is 13,700.
Another large sell-off day for NQ and the whole equity market on Thursday. After two large down days we are likely to get a pause day where NQ may just simply trade sideways before tanking again on Monday next week.
NQ has broken below key support at around 14,600 which is now its first resistance on any pullback rally.
NQ next lower support is not until 13,700
Big sell-off in NQ on Wednesday and the selling has continued into the overnight globex trading session. It now has dropped down to its key 200-day moving average on the daily chart, and it is likely to break below it at the open on Thursday.
It could easily drop below it on Thursday especially if the 10-year bond yield is able to break above key 5% level.
The next strong support is at 14,000 level.
Gold and bitcoin is where many investors are putting their money as a safe haven asset.
A sideways price action for NQ on Tuesday following a large reversal up-day on Monday.
At the end of the day on Tuesday NQ looks set to drop back down to retest recent support at 14,580. As long as that support level hold on a retest we could see NQ bouncing back up.
If on the other hand support is clearly broken we could se a big and quick decline down to lower support at 14,300.
Key inflection price level for NQ on Wednesday will be at 14,800
NQ opened with a gap-down but was quickly reversed to trap break-down short-sellers, As such NQ rallied all morning before going into pullback mode in the afternoon.
The pattern looks set to rally again on Tuesday morning. To do so, it has to break above 14,800 key level, and then rally higher with first major resistance at 15,000 - 15,100 .price zone.
A break-back below 14,650 is bearish
A large down-trending day for NQ on Friday with a close at the low of the day.
With the double bottom with July 27th low less than 100 points below Friday low there would be attempts by some large algos to break below the double-bottom low of 14,587 low to run over massive stop-losses congregating just below it.
If so, the next downside target is at 14,200 and the drop should be very fast.
Key price level to watch for o Monday will be at 14,660 as support and 14,800 as resistance. A break above 14,800 is bullish with the next higher resistance at 14,900-15,000
After trading sideways above support on Thursday NQ finally sold off hard in the afternoon, dropping down to the next lower key support zone at between 14,800-14,850
Key indicator to watch on Friday will be the 10-year treasury bond yield key level at 5%. A clear break above 5% level is likely to trigger algorithm sell programs in the equity market which should crash below 14,800 level in NQ.
If the 10-year yield can stay below 5%, we could see NQ staying above 14,800 level and then trade sideways. with first resistance at 15,000.
On the daily chart NQ has been trading in a down-sloping channel since its July 2023 swing high. On Wednesday NQ closed just above its key support price level at 15,000.
Going forward, trading above 15,000 is an indication NQ is going back to retest upper channel at 15,500. However, a sustained break below 15,000 is an indication NQ would need to go lower to its lower support level at 14,000 before going into a multi-day bounce.
