A large gap-down open for NQ on Wednesday with the close near the low of the day, a down day for NQ on Wednesday. NQ low was still above support zone, 17,050-17,150. As such it may have to drop further before a bounce.
On the 5-minute chart, key intraday resistance for NQ on Thursday is at 17,500. NQ would need to break above 17,500 to turn NQ into the bullish zone.
A narrow range down day for NQ on Tuesday with a close just above key support, 17,500.
Overnight NQ has dropped below 17,500 key support, If NQ opens below 15,500 on Wednesday we could see a large drop as traders who are still long the marker get their stop-losses run-over.
The next support is 17,400 but strong support zone is not until 17,050 to 17,150, the 1:1 downside target on the daily chart is 17,050
NQ would need to trade back above 17,600 to get bullish again.
It was a bullish day for NQ on Monday. The rally started out very slow until the late day breakout. The rally should continue as long as it can stay above 17,630 support level for NQ on Tuesday.
The next key resistance to break is 17,800. If NQ is not able to break above it we could see a pullback down to support, 17,630.
A sustained break above it could cause a sharp spike as some shorts may panic-cover.
A very narrow sideways trading range for NQ on Friday. The low was at key support 17,500, which will serve a key support for NQ on Monday.
Key trading range for NQ on Monday will be at 17,500 support and 17,630 resistance. NQ would need to break and stay above 17,630 to trigger short-covering rally with strong resistance at 17,800.
If 17,500 support is not violated we should see NQ making a higher high above 17,800 this week.
Another sideways trading action for NQ on Thursday as NQ continued to trade inside a trading zone between 17,500 and 17,800.
At the end of trading on Thursday NQ looks set to drop down to 17,500 support on Friday. If that breaks The next downside target for NQ is 17,000-17,150 support zone.
IF 17,500 holds we should see NQ bouncing back up
Key inflection price level for NQ on Friday will be at 17,650, bullish above it, bearish below it.
On Wednesday NQ opened with a huge gap-up and then pushed up to break above double-top resistance with NQ 2021 swing high, 17,700.
It was a failed breakout as profit-taking pushed NQ back down to close below 17,700.
Key price level to watch for on Thursday is 17,500 support and 17,700 resistance (17,500-17,700 trading range.
A sustained breakout could cause a large move away from the range.
Another sideways consolidation day for NQ on Tuesday, the second day in a row. At the end of the day NQ looks ready to trend back up again as it closed above key price level, 17,500.
If on Wednesday NQ can open and stay above 17,500 it should trigger another round of short-covering. If so we should see NQ rally to 17,700-17,800 price zone.
Following a massive rally on Friday NQ traded sideways in a consolidation pattern on Monday.
If the rally is going to continue without a 2 to 3 days pullback NQ should rally again on Tuesday. To do so, NQ would need top trade back above 17,500 and pushes higher.
Failure to break back above 17,500 is an indication NQ is going into a 2 to 3 days of pullback before resuming its uptrend.
Again, key price level to watch on Tuesday will be at 17,500, bullish above it, bearish below it.
A large short-covering rally in the stock market on Friday. The short-covering should continue for the next several days before a pullback.
Key level to watch for on NQ is the 2021 swing high, 17,500 area.
If NQ could trade above it and stay above it, we could see massive multi-day short-covering rally.. A pullback or sideways consolidation if NQ stays below 17,500
NQ opened with a huge gap-up on Thursday then after rallying in the morning traded sideways. But the close was in the bullish zone.
With Friday tending to be a sideways day we could see NQ rallying up to the next resistance 17,160.
If NQ should open or trade above 17,160 we are likely to see a big rally towards the next major double-top resistance at 17,500, double top on the daily chart with November 2021 swing high. That's a huge target, NQ may not get there until next week.
For Friday the next upside target is between 17,300-17,350 area.
On Wednesday NQ opened with a gap-down below 16,860 support and the sold off very sharply, dropping down to lower support before rallying back up to broken support-turned resistance, 17,860
17,860 will be key intraday inflection price level for NQ on Thursday, bullish above it, bearish below it.
On the daily chart, it is possible NQ may need to have a C-Wave down to retest 16,300-16,450 support zone before rocketing back up again.
NQ continued to trade sideways inside a very narrow trading range mostly between 16,860 support and 17,050 as resistance. A breakout is imminent.and when it happens it should cause a trending day.
Key resistance is 17,050, a sustained break above could cause a trending-up day, with resistances at 17, 150, then 17,350.
If the break is to the downside, we could see a quick drop down to 16,750-16,760 support zone.
If NQ remains inside the 16,860 - 17,050 trading zone, it should continue to trade sideways between overbought and oversold zone on the 5-minute chart.
The stock market traded sideways on Friday ahead of the long weekend. Ovenight n Monday night NQ is trading down. Aas of the close on Friday NQ can go either way on Tuesday.
Key inflection price level for NQ on Monday will be at 16,925, bullish above it and therefore bearish below it.
If NQ opens and stay below 16,925 we could see it quickly dropping down to its first support at 16,760, a double-bottom support with January 11 swing low.
Trading above 16,925 will be bullish, first resistance is at 17,065 then 17,150 double top with December 18th 2023 swing high.
As expected NQ traded sideways on Friday ahead of the long weekend in the US. Monday is Martin Luther King holiday where the financial market will be closed/
A sideways trading action for NQ on Thursday with a sell-off in the morning then a rally in the afternoon.
At the end of the day NQ looks ready to resume its uptrend. However, Friday being a sideways day we could also see another sideways day again on Friday, but we shoild also be on a lookout for a trending up day on Friday.
NQ continued to rally on Wednesday. The rally should contnue on Thursday with the next resistance, the double-top resistance at 17,500.
Whether or not NQ will break above it on Thursday it is difficult to forecaster, but should it break, we could see a massive spike up
Key intraday support is 16,870
NQ consolidated during overnight trading as it opened with a large gap-down on Thursday..
After a brief sideways action soon after the open NQ began to rally a buyer rushed in to buy. It then spent the afternoon in consolidation, setting up a continual rally for NQ on Wednesday.
The next resistance is at 16,935-17,000 gap-close. but with the shorts getting squeezed we could see NQ rallying all the way to 17,100
NQ bounced off breakout support 16,300-16,450, and rallied aggressively, lasted all day long from the open until the closing bell.
The chart pattern of NQ and the S&P 500 are looking very bullish on the weekly chart and the daily chart. As such, I expect the 2021 swing high should be broken very soon. For NQ that high from 2021 was 17,500.
If the retest of the July 2023 high has ended we should see NQ breaking 17,500 in a very short time and it is not very far away.
Key support going forward will be at 16,300-16,450 price zone. As long as NQ remains above those support, it should continue to rally as short-seller panic cover.
On the short-term intraday time frame, NQ is in deep overbought by the end of the day on Monday on the 5-minute chart, as such it may need to consolidate sideways on Tuesday. If so, 16,600 is a good support level to target.
Another bearish sideways action for NQ on Thursday. The low was at the upper range of support, 16,450. It looks like it may have to drop lower before we see a 2 to 3 days bounce.
Support zone remains at between 16300-16,450
A very bearish looking sideways consolidation day for NQ on Wednesday following a large doantrending day on Tuesday.
NQ is likely to drop down to support zone between 16,300-16,350 area before bouncing back up. As such, we could see NQ dropping down to support and then rally.
Key intraday inflection price level for Thursday is at 16,625, bullish above it, bearish below it.
On the first trading day of 2024 NQ sold off hard, driven down by the magnificent 7 as investors took profit on those 7 high flying tech stocks.
NQ broke below and closed below the 20-day moving average on the daily chart which suggest it should continue top go lower. The next support level for NQ is around 16,300-16,450 prior swing high now support.
On the intraday time-frame, 16,785 is key inflection price level for Wednesday.
Tuesday will be the first trading day of 2024. As such anything is possible.
Key resistant e is now 17,100, bullish above it, and bearish below it.
