NQ continued lower in the morning on Thursday but late day profit-taking pushed NQ back up to the middle of the two day range.
NQ remains inside a consolidation range between 15,850 and 16,100. With Fridat tendency to be choppy sideways, we could see NQ trading inside the range 15,850-16,100
Intra-day inflection price level is at 16,000, with 16,000 as resistance at the close on Thursday.
Profit-taking and double-top resistance selling caused NQ to trend down all day on Wednesday.
With the low of the day still way above key support, 15,975, we could see NQ bounce back up towards resistance again on Thursday.
Intraday inflection price level is at 16,020 on Thursday. Trading above it is bullish, an indication NQ is going to rally back up to double-top resistance at 16,250 area.
Trading below 16,020 could see some selling, with first lower support at 15,975. If that should break we could see sharp selling to tank NQ down to the next support level, 15,790./
NQ traded sideways again on Monday trading above key support level, 15,975, and closed in the upper range of the day trading range, a bullish set-up for a high probability trending up day on Wednesday.
Key level to watch for on Wednesday would be Tuesday swing high, as trading above it could trigger short-covering and buying that could push NQ higher to break above 16,250 double-top resistance.
Critical support remains between 15,750-15,825 zone. NQ remains bullish above that zone..
NQ has been trading sideways in a narrow range since it broke above double top resistance 15,850, on November 14, 2023. Now that Thanksgiving holiday is over the stock market can trend again.
15,850 is now key support, and it should hold if NQ is going to trend back up again. A break back below 15,850 is an indicatiojn NQ is going into a larger decline.
Should NQ drop back below opening gap day low 15,790 we could see massive liquidation decline for a quick drop to close the opening gap, down to 15,470 to 15, 550 area.
A sideways narrow range trading action for NQ on Tuesday. Going into the Thanksgiving weekend we could see more choppy sideways trading action as most traders and investors are out of their offices.
After three consecutive days of consolidation NQ finally trend up again on Monday. With a short trading week due to thanksgiving holidays we could see NQ continuing to trend up all week.
The next double-top resistance is at 16,250. NQ may need to break above that price level before the end of the week.
Key support for NQ is 15,950
NQ traded sideways in a very narrow range again on Friday, the third day in a row, setting up for a larger range day soon, and it can be on Monday.
Key inflection price level is now at 15,900, bullish above, bearish below.
NQ would need to break out of the range, 15,800-15,950 to cause a large range day, up or down.
A very narrow sideways trading range for NQ on Thursday, the second consecutive consolidation days following a huge gap-up opening on Wednesday.
With NQ closing above key support at 15,800 we could see a trend up day for NQ on Friday if it can break and stay above key resistance of 15,900.
Although the bias at Thursday close is bullish, a sustained break out of the 15,800-15,900 trading range could cause a large and fast move away from the range, upward or downward.
NQ opened with a gap-up but then quickly reversed and trade down to to close at the low of the day. It was a reversal day.
Key intraday support for NQ was where it closed for the day, 15,830, bullish above it, and bearish below it with critical support at 15,800.
A sustained break below 15,000 is an indication NQ may just drop lower to close the gap, and down to support at 15,475.
All major indices opened with a huge gap-up following lower than expect inflation number but then traded sideways all day setting up another trending-up day on Wednesday as shorts are forced to cover.
Key intraday line-in-the-sand will be Tuesday's swing low. As long as NQ can stay above Tuesday low we should see another uptrending day or another consolidation day.
The next double-top resistance is 16,250, double-top with July 2023 swing high.
NQ traded sideways on Monday following a large trending up day on Friday when it broke out and close above key breakout level, 15,475, double-top on the daily chart.
With Monday closing remaining above breakout, we should see NQ trending up again on Tuesday, if it can stay above key support 15,475, with or without any further consolidation.
Key support is 15,465-15,475. Support must hold for the next trend up day to happen. A break below 15,465 is bearish.
NQ broke out above double-top resistance 15,465 on Friday. As such, stoplosses and buy programs were triggered causing large trend-up day on Friday.
NQ may need to have intraday pullback to breakout supports at 15,465 before rocketing back up again, or it may just trend up again right away on Monday if enough short-seller panic and cover.
Key price level to watch for on Monday will be at Friday's low. As long as pullback down move stays above Friday low the breakout price moves should continue, next upside target is above another double-to resistance at 15,825
War in the middle east can change market sentiments without warning.
On Thursday NQ failed to break above 15,475 double-top resistance. As such double-top resistance sellers and profit-takers caused NQ trend down, resulted in a large down day for NQ on Thursday.
With Friday tendency to be a choppy sideways day we could see a sideways day for NQ on Friday if it can stay above 15,250 key intraday support level.
Breaking below support could cause more profit-taking activities that should push NQ lower down to 15,100 support.
NQ traded sideways on Wednesday just below the double-top resistance on the daily chart at 15,475, setting up a high probability breakout above 15,475 resistance.
Should the breakout occurs we should see massive short-covering and buying activities that should propel NQ higher with the first upside target at 15,800.
Should NQ failed to break above resistance we could see another sideways day with a slight bias to the downside, a pullback down day.
War in Gaza is still a potential market mover as it can affect crude oil prices.
Tuesday was a trend up-day following a consolidation day on Monday. Wednesday could be a consolidation day following Tuesday trend-up day.
Key price level to watch for on Wednesday will be the double-top resistance at 15,475. A break should trigger another round of short-covering, with the next upside target at 15,800.
A failure to break above it is an indication that NQ may just trade sideways before breaking above it.
NQ made a slight higher high above Friday swing high but it then traded sideways after it failed to break above upper trendline resistance at 15,250. A sideways consolidation is a setup up for the next thrust higher.
Key price level to break on Tuesday is 15,250. A break could generate another round of buying activities that could go on for another three day with the next upside target above its daily chart double-top resistance at 15,475. likely target at 15,.800 before pulling back down for two to three days.
Key news to watch for, that can instantly change the future price trend is the war between Israel and the Palestinian as to its impact on crude oil price.
Another large up day for NQ on Friday. Friday swing high was at upper trendline resistance now at 15,200 and the 7th day on the current bounce from the low on 26th October. As suct NQ could have another upday before pulling back down.
If NQ should clearly beak above 15,200 resistance NQ could have another up daymoving towards the next higher resistance is at 15,500, double top with October high.
If NQ should pullback down, first support is at 15,000.
Thursday was the third large up day in a row for NQ and Thursday high of the day was bumping up against some overhead resistance starting at around 15,000 price level.
As such, unless NQ could blast through to the upside and trigger another round of short-covering, we could see NQ pulling back and trade sideways on Friday.
Support for NQ on Friday are 14,850 and 14,700
