Friday was a very choppy narrow-range day for NQ. With the FOMC meeting this coming week we could see more choppy action until the FOMC announcement on Wednesday.
Key support for NQ going into the FOMC announcement is at 19,400 bullish above it, and bearish below it.
Key resistance is ay 19,750, A sustained break above it can cause a large-range trending up move. If so the next upside target is at 20,100-20,400.
A narrow-range up-trending day for NQ on Thursday. On Friday anything is possible, depending on where it trades in relation to its ley inflecyion price level, 19.375.
NQ would remains bullish above 19,375, with the next resistance at 19,750. Bearish below it with key support at 19,100.
After a sharp morning decline NQ rally sharply all day into the close, with the high of the day just below strong resistance zone, 19,290-19,350.
NQ may have to consolidate before breaking hrough the above resistance zone, the consolidation support will be at 18,850. This support zone has to hold to stay on the bullish side.
Thus, the key price level for NQ on Thursday will be at 19,290-19,350, bullish above, bearish below.
The wild price swings is going to continue until after the next FOMC policy decision announceme next week.
Another rally day for NQ on Tuesday, the second consolidation day following a a large sell-off day last Friday.
Wednesday will be a key day, with NQ failure to break above key resistance level, previous low from September 4th and 5th, we could see aggressive selling around 18,850 price zone.
As such, 18,850 will be key inflection price level for NQ on Wednesday, bullish above it with the next resistance at 19,300, bearish below it with the next downside target at 18,000-18,300.
A sideways consolidation pattern for NQ on Monday following a huge trending-down day last week Friday. At the end of the day NQ close just slightly above key intraday inflection price zone, 18656 for trading on Tuesday.
For Tuesday, if consolidation has ended, we could see a huge rally, if NQ could trade above Monday swing high, and trigger short-covering. If so the first resistance ia at 18,840 then 19,300
Or NQ could tank again if it can trade below Friday low. If so the next support is at 17,945, but the downside target which may take another 2 to 3 days to get yo , is at 16,490
A huge sell-off for the stock market last week, with NQ Friday low was just above its 200-day moving average on the daily chart. As such there may be a bounce for one or 2 days before it tank again, breaking below its 200-dma.
A break below 200-dma target 16,500, a 1:1 target from the high.. If NQ should rally back above its 50-DMA on the daily chart, we should see NQ breaking above the July swing high.
On the intraday timeframe, key inflection price level for NQ on Monday will be at 18,540, bullish above with first resistance at 18,615, then 18,800.
NQ has been in a pullback-down mode for the last 8 days, dropping down to key 20-DMA on the daily chart. It seens ready to trend back up again.
Key breakout resistance level to break in order to trigger short-covering a buying algos is at 19,600 for NQ.
A sustained break above could trigger 300-400 points up-move in a day (trending day). If so, the next upside target is at 20,000. Strong resistance that can cause a brief pullback. is at 20,370.
Failure to break above 19,600 is an indication NQ pullback is not over, that it is going into a wave-c pullback down to 18,870.
A sideways trading pattern for NQ on Thursday. Ahead of the long labour day weekend when most major fund managers are out of the office we could see another sideways trading pattern on Friday.
19,530 as resistance and 19,200 as support.. We could see NQ staying inside the range, but anything is possible as most traders are out of the office.
A large down day for NQ on Wednesday. The sell-off continued after-hours following NVDA earning reports.
NQ has dropped down to key support after NVDA earning reports. It has recovered some of the sell-off. As long as 19,150 is not violated on Thursday we should see a bounce, with first resistance at 19,700
A clear break below 19,150 is bearish, an indication NQ is going lower with the next support at 18,900
Another choppy day for NQ on Tuesday, the fourth day in a row, but with a bullish close.
Whether or not it is ready to start trending up again on Wednesday we just have to wait and see. Ahead of the long weekend with most investors out of the office anything is possible.
Key intraday inflection price level is at 19,645, bullish above and bearish below it
A down day for NQ on Monday, the 3rd pullback day since the last high. So far, a very shallow pullback because the normal daily pullback target will take NQ down to around 19,100 or so.
However, given the strength of the current bounce, it may be sufficient for NQ to start trending back up again. On the daily chart, NQ still look like it wants to drop lower.
Key intraday inflection price level for NQ on Tuesday will be at 19,625, bullish above it, bearish below it.
NVDA earning coming up could cause a big move in the market. It may do so before the erarning announcement
A sideways consolidation pattern on Friday following a down day on Thursday. Now that the Fed has announced their intention to start cutting short-term interest rate at the Jackson Hole meeting, the market could starts to trend again.
Technical pattern on the daily chart is showing a potential further pullback down if it can break below strong support zone at 19,675 with potential support at 19,277-19,377, with strong support at 19,100
However, if one pullback day is sufficient to relieve the overbought condition we should see NQ breaking to the upside above key resistance at 19,781. If so, it can rocket up to above Thursday swing high at 20,024. to the next resistance at 20,371
The stock market finally sold-off on Thursday on profit-taking activities ahead of the Jackson Hole speech this weekend by FED Chairman Jerome Powell.
Anything can happen on Friday depending on what the Fed Chairman would say. However, following a trend down day on Thursday wqe could see a sideways consolidation day on Friday.
On the intraday basis, key inflection price level for NQ would be at 19,700, bullish above it, bearish below it. Strong support for NQ is 19,000.
A sideways consolidation pattern for NQ on Wednesday as it bump into overhead resistance at 19,900.
NQ looks ready to go into a pullback down move that could last 2 to 3 days after which it could blast upward with enough momentum to break through resistance.
Key intraday inflection price for NQ on Thursday will be at 19,865, bullish above it, bearish below it with key support at 19,830
A sideways consolidation day for NQ on Tuesday following a trending-up day on Monday. It seems that all we have been getting is a one-day consolidation in between trending day during the current uptrend, perhaps because so many went short after the sharp sell-off.
NQ is still below some resistance, the final resistance, 19,940, if clearly broken could rocket NQ up sharply, with the next resistance at 20,370.
On the intraday time-frame, key support for NQ on Wednesday is 19,740, with key inflection price level at 19,820, bullish above it, bearish below it.
With Iran not expect to strike Israel, we could see massive relief rally ahead, especially if there is a 2 to 3 days pullback before resuming the uptrend.
An uptrending day for NQ on Monday following just one day of consolidation on Friday. NQ is still bumping into resistance at 19,950.
If NQ can break above it we could see NQ breaking out to the upside and breaking above the last swing high from July 11th swing high before a large pullback.
The only risk that cannot be factored-in to the price chart is the escalation of war between Iran and Israel that could cause a spike in oil prices. Then all bets are off, and the market can cascade back down again.
On the intraday basis, key price inflection for NQ on Tuesday will be at 19,750, bullish above it, bearish below it
A large gap-up opening and trend-up day for NQ on Thursday, with the day high just below strong resistance zone 19,700-19,900 prior swing low on the daily chart, now acting as resistance. It is also the 50-day moving average.
As such NQ may has to pullback down for a couple of days before breaking through the resistance zone to re-test the previous swing high, 20,950.
The zone between 19,700-19,900 is also where NQ would typically drop back down to re-test the recent low, 17,975. As such, the zone is key inflection price level, where NQ could move over 1,000 points upward or downward.
On the intraday basis, we could expect a sideways consolidation pattern on Friday, with inflection price level at 19,565, bullish above, bearish below it.
A sideways consolidation trading pattern for NQ on Wednesday following a trending-up day on Tuesday as such we could expected the market to trend-up again on Thursday, or it may consolidate for another one or two more days before trending up again.
Overnight the equity market are slightly bullish. Key level to watch for on Thursday will be at 19,070-19,189, bullish above bearish below it.
Key support is 18,900.. As long as NQ remains above 18,900, the next upside target remains at 19,700 prior low now resistance
A gap-up and trend-up day for NQ on Tuesday. Normally, a trend day is followed by a Pivot Day, where it would trade sideways in a consolidation pattern above the FT Pivot, which doe NQ on Wednesday will be at 19,018.
However, with so many are still short the market there is still a possibility that NQ could trend up again on Wednesday.
Key inflection price level for Wednesday is at 19,065, with key support at 19,018, and the next resistance at 19,185, then 19,377
Tuesday will be day 7 of the current consolidation pri9ce action following a huge sell-off. Very often day 7 and day 8 is when the market resumes its main trend, which is down at the current time.
Because the sell-ff was so severe we could see Tuesday as day 7 to continue to rally.
Key price level to watch for a breakout is at 18,565 as key support and 18,890 as key resistance. A breakout of support-resistance zone is going to trigger a strong trending move out of the range.
Staying inside the range implies more sideways choppy price action.
On the 5-minute intraday chart, key inflection price level is at 18,612, bullish above, bearish below
Friday was very choppy narrow range sidewayas trading action as NQ pushes up against strong overhear resistance. As such, Mondays trend direction will depend on where it trades in relation to its key inflection pricxe level
For Monday that inflection price level will be at 18,485, bullish above it, resistances are 18,700-18,900and bearish below it.
With most trailing stoploss below Friday low, 18,411, a sustained break below could trigger massive selling.
So far tonight, Sunday night, thye stock market are trading fglat while bitcoing is down a lot, an indication Monday could be a bearish day.
It was an up-trending day for NQ on Thursday. However, it is now bumping into numerous resistance levels where many algorithms would be selling.
18,600 is the 50% retracement level from the last pullback-high on August 1st to the low on August 5th. Many algos would be selling. It is also the 50-MA on the 60-minute chart.
Then 18,850 is the .618 fibonacci retracement and prior consolidation low, and overbought zone on the 60-minute chart. There will be a lot of algos selling around that level if 8,600 is breached.
Key support level is 18,380, bearish below it
On Wednesday NQ rally stalled below previous pullback low before selling off very hard. It is an indication of a powerful downtrend in progress.
The selloff from resulted from the unwinding of the Yen Carry Trade stalled at the key 200-day moving average on the daily chart,and Wednesday was the second day of the bounce.
The 200-dma at 18,000 will be key support for NQ going forward. A break could cascade more selling. If NQ can stay above 18,000, we could see either a sideways action or a rally with resistance at 18,700-18,900
Japanese Yen Carry Trade and Iran-Israeli war still poses major risk to the financial market
NQ traded sideways on Tuesday, but NQ has rallied in overnight trading, an indication of a potential bullish day on Wednesday. However, where it opens on Wednesday in relation to its key inflection price zone is important in determining bullish/bearish bias..
Key inflection price level for NQ on Wednesday will be at 18,220, bullish above it, with the next resistance at 18,700-18,900, prior swing low now resistance, area where the rally may stall and where sellers may come in.
The stock market has rebounded sharply from the crash low, with NQ Monday's low at the 50-day moving average on the weekly chart. & it was a measured move (1:1 drive down) from July swing high to Monday swing low
If most of the investors caught on the wrong side of the Yen Carry Trade has been forced out of their position we could see either a multi-day or multi-week bounce before crashing back down.
On the 5-minute intraday timeframe, key inflection price level for NQ on Tuesday will be at 18,050, bullish above it, bearish below it. If NQ can break above key intraday resistance at 18,400 we should see NQ rallying higher.
VIX spiked up to about 65 point level on Monday but closed down to about 35, indicating a calmer market on Tuesday, that is, as long as the war between Israel and Iran does not heat up.
A very large selloff for NQ on Thursday following a huge FOMC-induced rally on Wednesday.
Strong overhead resistance from the 50-DMA & prior swing low which turned into resistance once broken, attracted so much selling that the market tanked all day low.
NQ tanked all day, over 800-points drop from the high, which is likely to cause huge havoc on Friday if support, at recent swing low,18,730 get clearly broken to the downside.
If 18,730 low is not violated we could see sideways consolidation pattern on Friday.
If it is broken, the next major support is at 18,000, 200-DMA & prior swing high now support.
A big gap-up opening for NQ on Wednesday ahead of the FOMC policy announcement in the afternoon. The gap-opening was above prior day high, as such it trend all day but it was very choppy.
Overnight, NQ has traded over 150 points above Wednesday closing price and starting to bump into overhead resistance at 19,720 area, a strong resistance coming in from the 50-day moving average and prior swing low now resistance.
The market rallied hard in anticipation of three Fed rate cut before the end of the year, startling at their next FOMC meeting in September
If NQ could push higher, the next higher resistance zone is at 19,850, the 50% retracement level from the high to the Tuesday low, area where many algos would be selling the rally.
Key intraday inflection p[rice level is at 19,460, bullish above it, bearish below it.
NQ dropped down hard on Tuesday dropping down to strong support before it stopped dropping.
Overnight NQ has rallied over 200 points from the close in anticipation of the Fed cutting interest rate in July.
However, given the current situation, the Fed is likely to no cut rate this time. As such we could see the bounce fade, and start selling off.
As long as the current technical support around 18,750-18,800 hold, profit-taking and support-buying algorith could still cause a big bounce.
Key inflection price level for NQ on Wednesday will be at 18,962, bullish above it, with upside target at 19,200, then 19,500, strong overhead resistance at 19,700
Bearish below 18,962 but NQ needs to clearly break below 18,700 to cause liquidation. If so, next downside target is at 18,200.
A sideways consolidation pattern again for NQ on Monday the second consecutive consolidation day following large trending down day.
Prior consolidation lasted for two consecutive days following large trending down dat. If the pattern is still continuing we should see a large trending down day on Tuesday,
If so we should see NQ dropping down breaking technical support and continue to trade below Thursday July 25th swing low at 18,887 and triggering stop-losses.
Failure to break below Thursday swing low is an indication NQ is either contuning to trade sideways or rally.
FOMC meeting starts on Tuesday, tomorrow with the announcement on Wednesday.
NQ traded sideways on Friday after bouncing from a very strong technical support on Thursday, likely to bounce for two to three days to retest the 20/50 days moving average on the daily chart.
Overnight NQ has traded above Friday swing high, nn indication we could see a large up-trending day on Monday, ahead pf the FOMC decision on Wednesday where the Fed is expecting to cut short-term interest rates.
If we get a strong market rally. NQ upside targets is in the range of 19,450 to 19,650-19,700 area.
Key intraday inflection price level is at 19,200, bullish above, bearish below it.
NQ Traded sideways on Thursday with a bearish close as bounce from its 50-DMA got sold hard. With NQ now closing for two consecutive day below its 50-DMA, the general market mode is to sell the bounce.
NQ may have to go all the way to the next downside target, the 200-DMA before we see a large multi day bounce. Its 200-DMA is at around 18,000
Key intraday inflection price level for NQ on Friday will be at 18,120, bullish above, bearish below it.
A large down-trending day for NQ on Wednesday after two days of consolidation, it started with a huge gap-down open below key 50-DMA on the daily chart.
With such a large down day and breaking important technical support such as the 50-DMA on the daily chart, we could see another large down day on Thursday as those on the long side of the market get liquidated if they are not able to meet margin call.
If so, NQ would continue to trade below Wednesday low, with the next strong technical support at 18,775-18,950 prior swing high.
If NQ can stay above Wednesday low we can expect a sideways consolidation price action before it trend down again.
A narrow range sideways trading action for NQ on Tuesday, the second consolidation day following day or large selloff days.
Overnight NQ had sold-off more than 150 points, an indication NQ is ready to trend again on Wednesday, breaking below its 50-DMA on the daily chart, with the next downside target at 19,240 technical support from previous swing high in May 23rd.
And if that support is violated, the next lower technical support is at 18,800-19,000 technical support from previous swing high in February and March 2024.
Key intraday support is at 19,630.
Above it, NQ will remains in consolidation sideways mode.
Below it, NQ is in trend mode down
On Monday NQ finally consolidate after three consecutive down day, an indication that this current down-move is very strong.
The bounce from Friday low was from its 50-day moving average on the daily chart. As such we should see 2 to 3 days on consolidation before trending back down again and then breaking below its 50-DMA.
However, due to the nature of the current decline, it is still possible that Tuesday will be another trending down day.
Key inflection price level for NQ on Tuesday will be at 19,940, bullish above, with upside target at 230,100-20,200
Bearish below 19,840, downside target at 19,700, with potential support at 19,780 and 19,850
Friday was the third down day in a row following a huge gap-down open on Wednesday last week. As such it is reasonable to expect the market to consolidate sideways or rally on Monday.
Key intraday price level for NQ on Monday will be at 19,630 as support and 19,780 as key resistance.
Bullish above 19,780 with first resistance at 20,015, and bearish below 19,630 with first support at 19,375
US President Biden has announce over the weekend that he is dropping out of the Presidential race. His decision could significantly affect market action on Monday and going forward.
Another large down day for NQ on Thursday as market participants caught on the wrong side had to exit. NQ tanked hard in the morning before trading sideways and rallied at the end of the day as shorts took profit.
With the low of the day just slightly above strong intraday support coming in from a combination of 50-DMA & double-bottom we could see NQ either rally due to shorts taking profit or simply trade sideways in consolidation pattern.
Key support is 19,700 and resistance is going to be between 20,000 - 20,270
A large gap-down and trend down day for NQ on Wednesday. NQ was down over 600-points from prior day close.
Thursday is likely a consolidation type of day. However, with such large down day on Wednesday, many traders caught on the wrong side of the current move may be forced to top-up their margin or get liquidated by their brokers. As such we could see another large trending down day on Thursday.
The next lower support is 19,700, double-bottom & the 50-dma on the daily chart. We could see a bounce from it but the market could easily slice through it to the downside.
Ket intraday price level for NQ on Thursday will be at 20,000, bullish above, and bearish below it.
Tuesday was the third consecutive consolidation day following a large down-day on Thursday last week.
NQ had a lower high and a lower low on on Tuesday, a bearish configuration, likely setting up a resumption of a downtrend, a high probability on Wednesday.
If so, NQ should stay below 20,600 key intra-day inflection price level for Wednesday, and push lower.
Strong support zone resides in the ares around 20,270-20,370 price zone, support coming from prior swing high and 20-dma on the daily chart.
A break below would cause massive selling activities, with the next strong support at 19,700
Another sideways consolidation trading pattern for NQ on Monday, the second consecutive consolidation day following a large down day on Thursday.
On Tuesday we could see another non-trending day, the location of the consolidation will depends on where it trades in relation to its key inflection price zone, for Tuesday that zone will be at 20,600.
Bullish above 20,600 with upside target above 20,800 to 20,900.
Bearish below 20,600, with first support between 20,270, to 20,370
A wide-range consolidation pattern for NQ on Friday following a large sell-off day on Thursday.
With such a large downtrend on Thursday it could take more than a day to consolidate the large downtrend. If so we could see another sideways day on Monday.
However+, with such a massive selling on Thursday we could also see a trend down day again on Monday
Key intraday inflection price zone on Monday will be at 20,660, bullish above, bearish below it.
Lower than expected CPI reading on Thursday, signalling economic weakness, triggered massive selling in tech stock and massive buying in precious metal particularly gold, as many investors are expecting more aggressive Fed rate cut.
NQ dropped over 500- points, that a hiuge drop, erasing more than four day of gain. With many investores so highly leverage during the current parabolic upmove in stocks, we should see more selling to come , whether it is on Friday or not until next week, it is difficult to know.
Key support for NQ on Friday is 20.270, it should be a strong support level, coming from a combination of prior swing high on June 20th and the 20-dma on the daily chart.
Should that level is violated we could see massive intraday liquidation drop of 500 points or more as trailing stop-loss get triggered.
A trending up day for NQ on Wednesday following two consecutive days of consolidation.
There is a high probability that Thursday could be a choppy sideways day. However, anything is possible, as such NQ could continue to trend higher since NQ is in a parabolic move higher.
Key support for NQ on Thursday will be at 20,855.
Another narrow-range choppy sideways trading pattern for NQ on Tuesday. A gap-up did not trigger any buying or short-covering because everyone has bought. NQ is in deep overbought zone on the short-tern and long term time-frame.
As such, the market may need some pullback down days before it can rally and trend up again.
Key intraday support for NQ is at 20,590. A clear and sustained break may be able to cause a big drop. Trading above 20,590 implies more choppy price action.
A narrow-range sideways consolidation day for NQ on Monday following three consecutive trending up day
If consolidation has ended we should see a trending up day on Tuesday. If so, the next upside target is 20,800-20,850. To do so NQ would need to stay above key line in the sand for Tuesday, 20,640 area.
Ideally, NQ wound open with a gap-up above Monday swing high and then push higher inorder to force the shorts top cover and trigger buy programs.
If NQ should trade below 230,640, key support is at 20,550.
The stock market was manipulated higher while everyone was away. As a result, stop-losses were ran-over and trigger which help propel the stock market higher last week on Tuesday, Thursday and Friday..
With most market participants back on Monday we could see either more short-covering if the stock market remains at its current level or move higher, or sell-off if it breaches certain price level.
With the stock market in very overbought zone on most time-frames as a result of last week very low volume rally we could see sharp selling if the stock market cannot maintain its current price level or move higher.
For NQ, its intraday inflection price level is at 20,610, bullish above it and bearish below it, with key support at 20,370
A choppy sideways trading pattern for NQ on Monday. With most traders and investors out of the office for the 4th of July holiday, the chop should continue.
Key inflection price level will again be at 20,350, with first resistance at 20,160, first support at 19,920
Friday was a wild trading day, with large and sharp rally early in the morning that was followed by a large decline for the rest of the day.
With most traders and investors on holidays for the Fourth of july holiday the low trading volume allows some large fund to move the market wildly.
The pattern could continue to dominate the market all this coming week as trading volume should continue to be low.
Key intra-day inflection price level for NQ on Monday will be at around 20,025, with first resistance at 20,165 and first support at 19,925.
Another choppy sideways day for NQ on Thursday, the 3rd slightly bullish day in a row.
With Friday potentially a choppy sideways day, unless NQ can open with a gap-up above Thursday swing high, and triggers short covering we could see NQ rally to resistance (20,125-20,160) in the morning then decline to support 20,060 and 20,000.
If NQ should open and trade below 19,925, we could see a sell-off But that could wait until Monday. With most traders and investors out of the office for the US 4th of July holidays, the market could continue to trade in a choppy zone,
A slightly bullish, narrow range choppy day for NQ on Wednesday. It was also the second consecutive up day. The current 2 day rally was choppy, and indication that Thursday being a third day could be a down day, a resumption of the recent three day decline.
If so, NQ should break below Wednesday swing low and push lower and run-over trailing stop-loss.
As such, if NQ can break above Wednesday swing high and stay above it we could see huge rally day, with the next resistance at 20,125-20,150.
After three consecutive day of decline NQ rallied on the fourth day. As long as NQ remains above Monday's swing low, 19,727, NQ should either continue to consolidate or rally.
Key intraday support for NQ on Wednesday will be at 18,925 and key resistance is 19,990.
Trading above 19,990 should continue to trigger short-covering, with the next resistance at 20,150 if the market is very bullish. A choppy market could rally up to 20,075
Trading below Monday low after just one rally day is an indication the market is very bearish. If so the next support level is at 19,600
A large down day for NQ on Monday. With the low of the day nearing support, the 20-ma on the daily chart, 19,540, we could see NQ consolidating its trend down day.
If so NQ could rally up to the key inflection price level, 19,825. If that is violated to the iupside, the next rally target is at 19,925 - 19,965.
If NQ should trade below Monday swing low, the next support is the 20-ma on the daily chart, 19,540.
On Friday NQ dropped down to support, prior swing hgi from 13-June swing high, 19,925, then bounced, but Friday was just a sideways consolidation pattern.
It seems that financial liquidity may be dropping with Bitcoin already down about 2K so far toning, and indication Monday could be a bearish day.
Key intraday support level for NQ on Monday is at 19,925, bearish below it and neutral to bullish above it.
Key resistance for NQ on Monday is at 20,075-20,126
Instead of trending-up following a consolidation day on Tuesday, NQ pullback down on Thursday. It was a bearish reversal day..
On the daily chart, NQ was in very deep overbought condition and likely beginning a 3-day pullback down before rallying back up again to higher high, with potential upside target at 20,500 to 21,000 before beginning a large multi-month downtrend in summer, likely from July to October.
On the intraday timeframe. key inflection price level is at 20,125. If NQ is not able to clearly break above that level we could see another down day on Friday, with key support at 19,900 zone.
Trading back above 20,125 is bullish, and NQ could go back up to retest the recent high 20,270.
A sideways choppy day for NQ on Tuesday following a large up-trending day on Monday and ahead of the holidays on Wednesday.
Now that the holiday is over and that the market has consolidated, NQ should resumes the uptrend on Thursday. If so the next upside target is at 20,500-20,600.
For that to happen NQ should open and trade above Monday high of 20,270.
A huge rally for NQ on Monday with end of day profit-taking decline.
Usually after such a large trending day the market would need to consolidate the trending move and the probability of a consolidation day on Tuesday is high especially as the market will be close on Wednesday for the Juneteenth Holiday.
Key inflection price level on Tuesday will be at 20,180., bullish above with the next upside target at 20,350, and bearish below it with potential support at 20,050
After three day of narrow-range chuppy days following a huge gap-up opn, on Monday we could see either a sharp pullback down move or a large rally day.
Key intraday price inflection level for NQ on Monday is at 19,900, bullish above it, with the next upside trend target at 20,100-150.
A sharp pullback down move below 19,900 target 19,650
A sideways consolidation day for NQ on Thursday. Friday might be another sideways type of day unless NQ can push higher above 19,650 and trigger more short-covering ahead of the weekend.
Key support is 19,550, then 19450.
NQ was engineered higher overnight on Wednesday night to cause a short-covering rally ahead of the FOMC decision on Wednesday. As usual, after a short-covering rally in the morning NQ then trade sideways most of the day.
On Thursday we could see NQ rally in the morning and then pullback down in the afternoon. Although not so likely, we could also see NQ rallying again on Thursday if more shorts are forced to cover.,
The next upside target is 19,750 zone.
A slight bullish price action for NQ on Tuesday ahead of the FOMC policy announcement on Wednesday. It is widely expected that the Fed is not going to change their policy, expecting NO rate cut.
Key intraday support for NQ is now at 19,150, bullish above, bearish below it. The next upside target is 19,400-19,500.
The FOMC June meeting will start on Tuesday with the announcement on Wednesday. A such, we could continue to see a narrow range choppy action on Tuesday as long as NQ remains above key support level, 18,980.
A sustained break below could cause some heavy selling ahead of the FOMC policy announcement on Wednesday. However, that would be highly unusual, but it could still happen if the insiders sense what the FOMC is going to do.
Next support below 18,980 is 18,760
Friday was the second consolidation ay for NQ and the equity market following a huge up-trending day on Wednesday.
Monday could be a large range day if NQ could break below key support of 18,980, with the first downside target of 18,760.
Key inflection price level for NQ on Monday is at 18,980,bullish above it, bearish below it.
A narrow range sideways consolidation day for NQ on Thursday following a large uptrending day on Wednesday.
On Friday, as long as NQ remains above 18,984 we could see either another sideways day or a trending up day, with the next upside target at 19,400-19,500. ECB cutting rates help boost global liquidity, bullish for the market.
Trading below 19,980 implies more consolidation before trending back up again.
A huge rally day for the equity market on Wednesday as easing cycles was has started, with the Bank if Canada cutting short term rates. This should soon be followed by the ECB the the US FED as the western economy starts to slow down fast.
This rate cut cycles should boost financial market, triggering rally into its final explosive capitulation phase, the speed of the blow-off top could be very very fast. NQ next upside target before a big correction is 21,000-22,000
On the intraday timeframe, following Wednesday massive up-trend we should see an 80% chance of a sideways consolidation, with NQ making a higher high in the morning or in the afternoon, and 20% chance of another trend up day on Thursday consolidation.
Friday was a narrow range choppy up day. With the equity market in deep overbought on all timeframes, without a large pullback the slow melt-up should continue.
Key support going forward is 18,600, bullish above it
A huge gap-up open for NQ on Thursday due to NVDIA earnings reports.
However, it was sold immediately because of several factors. One was that the Fed is planning to raise the Fed fund rate, not cutting it. The second reason is that the market was way overbought on all time frames. As such vulnerable to sharp drop as we can see on Thursday.
On Friday, ahead of the long weekend in the USA we could see NQ trading sideways. Key balance price zone is at 18,800. NQ may bounce back to it then bounce away from it.
Resistance is at 19,000 and support is at 18,550.
NQ traded sideways on Wednesday with a small selling after the released of hawkish Fed minutes from the last meeting, indicating a likely rate hike instead of a rate cut.
However, irrational exuberance after NVDIA earning report has pushed NQ almost 200-point higher in overnight globex trading, which may or may not continue after the open on Thursday.
If the shorts decides to cover and reverse long on Thursday that would imply a trending-UP day, we could see NQ rallying at least to 19,000 price level. The upside target before a large pullback is still at 19,400-19,500. Whether or not NQ will get there on Thursday is hard to say.
With the rest of the market not participating in the overnight rally, wwith Bitcoin and Gold both down overnight, we could see a gap-up reversal.
Key price level to watch after the open will be the opening price, bullish above it, bearish below it.
A very choppy narrow range trading pattern for NQ on Tuesday. Without any major pullback down move, the choppy narrow range pattern should continue.
Key intraday support for NQ on Wednesday will be at 18,930.
A narrow-range trading pattern for NQ on Monday. With NQ overbought and at doub-top on the daily chart, and the short-term pattern not showing any setup for a big move we could see another sideways choppy pattern for NQ on Tuesday.
One key exception is if the shorts get forced to cover above 18,700. If so we could see a strong trending move up. The probability of this happening is about 20%. The higher probability is for NQ to pull-back down (trade lower) before breaking out to the upside.
Key level to watch for breakout is 18,700. Trading below that is bearish.
Bitcoin and gold are both very bullish.
A sideways price action for NQ on Friday. With Friday being the second pullback day we could see NQ try to rally on Monday, the third day after a trend day is usually a continuation day.
The pattern on the daily chart is good for seting up a trend day on Monday, but on the shorter timeframe, the 60-minute chart, it is saying NQ should pull-back down further.
The key price level to watch for on Monday is 18,700.
Trading above 18,7010 is likely to trigger another round of buying programs. However, failure to do so implies more consolidation.
Key support isa 18,600. A sustained break below 18,600 could trigger heavy selling.with lower support levels at 18,400 and then 18,100
So far this evening, Sunday night, the market is indicating a neutral market and sideways pattern for Monday. The situation could easily change by the time the market opens on Monday.
A choppy sideways consolidation trading pattern for NQ on Thursday, typical pattern following a trending day.
On Friday NQ should continue to trade sideways, with key support at 18,600 and key resistance at 18,700
Lower than expected CPI number on Wednesday confirmed thaty rate cut is coming sooner than expected that triggered buy programs forcing shorts to cover resulting in a nice large trending up day on Wednesday.
With NQ high of the day at double-top, a sustained break on Thursday could trigger another wave of buy programs and short-covering that could push NQ to another new higher high.
Key intraday level for NQ on Thursday is at 18,700, bullish above, bearish below it indicating sideways consolidation pattern.
A small up-trending market for NQ on Tuesday ahead of the CPI release on Wednesday. The number could get the market going again, up or down.
Key price level for NQ on Wednesday will be at 18,400, bullish above, bearish below it with key support at 18,260
CPI report release date and time: Wednesday, May 15 at 8:30 a.m. EDT. The CPI is forecast to rise 0.4% in April after increasing by 0.4% in March. Core CPI is forecast to rise 0.3% in April after rising 0.4% in March. The CPI year over year is forecast to rise to 3.4% in April from 3.5% in March.
NQ continue to trade sideways in a very narrow range as the market await inflation number on Wednesday. As such, NQ could continue to chop around until Wednesday.
Key support on Tuesday is at 18,260.
Another day of very choppy narrow range trading day for NQ on Friday. NQ looks ready to drop down unless it can stay above key support 18,100.
Current trading range is between 18,100 support and 18,260 resistance.
On the intraday basis, inflection price level for NQ on Monday is at 18,250, bullish above, bearish below it.
Another narrow-range sideways consolidation day for NQ on Thursday, and it was also the third day of sideways consolidation, setting up for a breakout trending-up day for NQ on Friday.
The key price level; to watch will be at 18,250, If NQ could trade above 18,250 and the shorts may get forced to cover their position ahead of the weekend, we could see all day trending up trading pattern, with upside price target ranging from 18,400 to 18,500 as normal target.
Failure to trade above 18,250 is bearish, with NQ trading back down to 18,000-18,100 support zone.
Another narrow range sideways pattern for NQ on Wednesday. Without a larger pullback down move we are likely to continue to see more narrow range choppy price action.days.
On Thursday support is at 18,100 and resistance is at 18,200.
Another very narrow-range trading action for NQ on Tuesday. Without a decent pullback NQ is likely to continue to rally in a very narrow range fashion.
For Wednesday intraday support is at 18,100 and resistance is 18,265.
Inflection price level is at 18,200, bullish above, bearish below it.
A very narrow-range uptrend day for NQ on Monday as NQ is now in overbought zone on the 5-minute chart.
Key price level to watch for on Tuesday is at 18,200 as resistance, bullish above it with the next resistance at 18,400.
Trading below it is an indication NQ is going into a consolidation mode, first support is at 18,100, key support is 18,000.
A huge gap-up open for NQ on Friday following a very dovish Fed announcement on Wednesday and the returns of the stock buy-backs programs.
Will the market continue to rally on Monday or pullback down, will depends on where it trades in relation to its intraday support-resistance zone, 18,000, bullish above, with the next resistance at 18,100 then 18,200
Bearish below 18,000 with lower supports at 17,900 and 17,800.
A sideways trading action for NQ on Thursday, down in the morning then rallied the rest of the day.
NQ has traded over 100-points higher overnight. If it can stay at the same level by the time the regular trading session opens NQ would have a huge gap-up open.
Key inflection price level for NQ on Friday will be at 17,565, bullish above it with first resistance at 17,800 then 18,000.
Bearish below it, with first support at 17,400.
Wild swing in the market after the FOMC policy statement was announced. We can clearly see that key support is now at 17,400 and key resistance at 17,800, that's 400 points trading range.
On Thursday trading above 17,400 implies choppy sideways or a rally back to 17,800 for NQ. If NQ can break and stay above 17,800 we can see a fast move up to 18,000-18,100.
It is a crazy market, the FOMC was giving a mix signal on Wednesday, so anything is possible. Trading below 17,400 would be a clear indication NQ is going down to 16,700.
On Tuesday, the stock market has started to sell-off ahead of the FOMC decision on Wednesday, likely in anticipation of a hawkish announcement by the Fed.
Key support for NQ on Wednesday will be at 17,400. If that should be violated NQ is like;ly to drop down below the recent low, 17,100, and drop all the way down to 16,700 support. It could drop down to it on Wednesday or may extend to thursday.
If NQ 17,400 should hold, NQ could rally back to 17,900-18,100 price zone as the shorts would have to cover.
A sideways action for NQ on Monday ahead of the FOMC meeting with their policy decision announcement on Wednesday afternoon.
Current NQ trading range is 17,800 support and 17,950 resistance.
NQ may or may not breakout ahead of the FOMC decision on Wednesday. If so, NQ could remain inside the 18,000-18,950 trading range, and it will be choppy.
A break out of the range could cause a large move away from the ramge. Above 17,950 NQ upside target is 18,050-18,150
A break to the downside target 17,600 and then 17,450 if 17,600 is violated.
A rally day for NQ on Friday. The high of the day was starting to bump into area where profit-taking and short selling would start, the 50% retracement from the high to the low on April 19 plus minor resistance at 17,950
The next key resistance above 17,950 would come in around 18,100 resistance, a combination of reasons, prior consolidation low, .618 Fibonacci retracement level, 50-DMA and overbought zone on the 60-minute chart. This level may cause either a reversal back down or cause 2 to 3 days pullback.
Intraday inflection price level is at 17,800, acting as support as of the close on Friday. If that level gets violated to the downside, the next lower support is at 17,600
Wednesday was a gap-up opening that was followed by a downtrend day all day. Then on Thursday NQ opened with a huge gap-down, then followed by trend up all day.
Now that NQ has been trading up over 200 points overnight we could see a huge gap-up open on Friday. If so, then the key to trend direction would depends on where it trades soon aster the open in relation to its key price level, which on Friday will be at 17,800.
NQ is bearish if it is not able to trade above 17,800. If so, it is likely to drop back down to the next support at 17,580.
NQ is bullish above 17,800 with potential upside target at 18,100, with weak resistance at 17,950.
Wednesday was the 3rd pullback day for NQ. NQ opened with a huge gap-up, rallied up to resistance then reversed, closing at the low of the day, a classic bearish reversal day.
Overnight NQ has dropped over 200-points as I wrote, at midnight Eastern Time, a clear indication that the downtrend has resumed.
Key support for NQ on Thursday will be at 17,400. With so many people buying the recent drop from the high, if 17,400 support is violated to the downside in the morning on Thursday we are likely to see a cascade of selling that could easily tank NQ down to break its recent low at 17,100.
The next strong support is at 16,700. Whether NQ can get there in one day is difficult to know, it could take one or 2 days to get there.
A big rally day for NQ on Tuesday with a close near the high of the day, a bullish close, usually followed by a gap-up open and then reverse back down.
However, there is nothing normal about the current price actions. As such we could see another large up-trending day on Wednesday, the third day in a rown.
Key price level for NQ on Wednesday will be at 17,620, bullish above with the next resistance at 17,950-17,800.
If that gets broken o the upside, the next higher resistance is at 18,000-18,100. That's still very far up. NQ would need massive short-covering to get it to 18,000-18,100 price zone on Wednesday.
NQ is likely to rally to 17,950-17,800 in the morning, then reverse back down to retest support at 17,620.
A consolidation day for NQ on Monday after a multiday down-trendjng moves. If the current high momentum down-trending move is still in progress NQ downtrend should resume on Tuesday with the next support at 16,700, a strong support zone.
Key intraday inflection price level is at 17,330, bullish above, with the next resistance at 17,620, and bearish below it, strong support at 16,700.
Another large down day for NQ on Friday. The next major support for a potential multiday bounce is at 16,700, previous swing high from July 19, 2023, 200-dma and oversold zone.
However, should that support be broken without a pause, selling could lead to a big 1000-points day crash as those holding long get forced liquidation.
If Monday is a bounce or consolidation day potential resistance is at 17, 500.
Another down day in the stock market on Thursday with NQ making another lower low, and in oversold territory.
NQ downside target remains at 16,700. The overnight low on Thursday night has violate a strong support zone 17,300-17,400. The direction it trades on Friday will depends on where it trades in relation to the support zone.
Intraday inflection price is at 17,600, bullish above, bearish below it.
A large down day for NQ on Wednesday following a very narrow range consolidation day on Tuesday.
At the end of the day on Wednesday NQ was in oversold condition on both the short-term intraday timeframe and the daily timeframe, which could cause a 2 to 3 days bounce before going back down to the next major support at 17,370 - 17,400. As such, we need to watch for the possibility of a multiday bounce..
However, even with an oversold condition the market can still continue to get more oversold without a bounce because of the heavy selling pressure.
On the intraday basis, key inflection price level for NQ on Thursday will be at 17,700, bullish above, with first resistance at 17,850, and bearish below it with the next lower support at 17,620, then 17,400
A large sell-off day for NQ on Monday, finally broken key support, 18,100 price level, now key resistance on any bounce. As long as 18,100 is not broken-back to the upside selling pressure will continue, with the next support at 17,375 prior swing high from December 2023.
It may take one day or two days to get there if NQ remains below 18,100 as stop-losses for those holding long position get triggers.
On the intraday basis for Tuesday, key inflection price level is at 17,935, bullish above with key resistance at 18,100, then 18,200, bearish below it, next support 17,375.
On Friday NQ opened with a huge gap-down and then trend down all day. NQ continue to consolidate above 18,000 price level, if broken is likely to cause a cascade of selling. Strong support below 18,000 is at 17,380, which should be a good lower target on a break below 18,000.
Key intraday inflection price level for NQ on Monday is at 18,200, bullish above, and bearish below it.
With declining liquidity in April and possible into June, it is just a matter of time before 18,000 support will break.
A large short-covering rally in the market on Thursday. Usually following a huge rally like on Thursday it's usually followed by choppy sideways consolidation day.
Key level to watch on Friday is at 18,400 support and 18,600 resistance. A choppy day would trade inside the 200-points range,
18,400 was a very strong resistance, it should now serves as a very strong support. However, anything is possible.
Gold is now in a real breakout mode, next upside target is 2,500
A narrow-range sideways trading action for NQ on Wednesday as NQ continued to trade just above key support level at 18,000, with key resistance at 18,400
The sideways price action should continue until it breaks below 18,000. A break should attract heavy selling with the next support at 17,380.
With liquidity expecting to fall sharply selling pressure should continue to intensify.
Since breaking above 18,000 on February 22nd, 2024, NQ has been trading sideways above 18,000, now acting as support and 18,600, now as resistance.
NQ has not been able to trend up since February, instead it has been trading sideways, a topping process.
The declining liquidity in the next one to two month is going to cause a pullback decline. With most traders and investors mostly long the market, we could see large and sudden drop with no buyers, as stop-loss gets hit.
Key support is now 18,000.
On the intraday basis, key price level to watch for on the NQ is at 18,400, bullish above, first resistance is atat 18,600, and bearish below it, with first support at 18,200.
A narrow trading range for NQ on Monday. The range continued to narrow, setting up a big move. The timing is difficult to forecast, but the key is a breakout of the current narrow range, 18,250-18,400
Key range breakout price levels are 18,400 to the upside and 18,250 to the downside.
A sustained break out of the range is going to trigger breakout trades, leading to trend day, with upside target on a break above 18,400 to 18,600. The downside target for a downside break below 18,250 is 18,000.
18,000 is a strong support. However, a break below 18,000 target 17,400. a 600 point drop which could easily happens in one trading day.
After a huge sell-off on Thursday, Friday was a profit-taking bounce, the high as at 18,400 which is a key resistance.
On Monday, key price levels will be 18,250 as support and 18,400 as resistance. A break out of the zone, especially if NQ can trade above 18,400 we can see a big rally back up to 18,600-18,700 zone.
Trading back below 18,250 is bearish, with the next key support at 18,000. If NQ should clearly trade below 18,000 the next major support is not untiil 18,380.
On Thursday after opening with as huge gap-up the market sold off hard in the afternoon. NQ dropped down to just above 18,000 strong support, previous high from January 24th, now should provide a bounce point.
However, if that gets broken on Friday it would trigger a lot of stop-loss selling that could tank NQ down to the next support, 17,380
Intraday inflction price level is at 18,400, now acting as resistance, support at 18,000
Another choppy range bound sideways trading action for NQ on Wednesday. There is still no clear ssign that NQ is going to trend. NQ is stil inside a choppy range, not able to rally as liquidity is decline, but not much selling pressure because of the bullishness of the market conditions.
With April 15th as the dateline for tax payment to the government, we should continue to see more selling pressure going forward.
On the intraday basis, key price level for NQ on Thursday will be at 18,400, bullish above with the next resistance at 18,600. Suppoer below 18,400 is at 18,300 then 18,200.
A huge gap-down open for NQ on Tuesday. It looks like the stock market has topped but it will trade up and down around the high for a wile before finally dropping down and trend down.
As we can see from the daily chart NQ has been trading trendless between 18,000 support and 18,600 resistance. And as long as NQ can stay above 18,000 the sideways trendless and choppy price action is going to continue.
Om Wednesday intradey support is at 18,300 and resistance at 18,400
A sideways rice action for NQ on Monday. Attempted rally continued to fail. It is just a matter of time before it breaks critical support, which is currently at 18,400. A clear break with a close below 18,400 could starts to trigger strong selling pressure.
On the intraday basis, resistance is at 18,600 and support at 18,400
A very narrow range trading action for NQ on Friday as most investor were off for the long Easter weekend holidays.
The narrow range is setting up for a big potential move on Monday, the direction will depends on where it trades in relation to its key inflection price level, which for Monday is at 18,500, bullish above, bearish below it.
On the daily chart the pattern is showing a likely breakout to the upside. which target a break above 18,700 swing high.
Wednesday was the 5th choppy narrow-range down days in a row since making the high on March 21st. With Friday as a holiday for Easter we could see the shorts covering their position ahead of the long weekend. If so we could see some short-covering rally.
Key inflection price level to watch for Thursday is at 18,500, bullish above, with upside resistance at 18,620 and 18,700.
Below 18,500 NQ is bearish, with supports at 18,460, 18,375 and 18,300
