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
Another choppy narrow-range sideways market action for NQ on Tuesday as NQ remains inside a trading range between 18350 support and 18,650 resistance.
NQ would need to break above 18,650 to trigger some short-covering rally, or break below 18,350 to sell-off. Until then NQ should continue to chop around.
A narrow trading range for NQ on Monday as it is still stuck between 18,350 support and 18,650 resistance. NQ would need to break out of the range to trend.
On the intraday basis, key inflection price level for NQ on Tuesday will be at 18,550, bullish above it, with first resistance at 18,650-18,700
Bearish below it with supports at 18,350-18,380 and then 18,300.
A sideways consolidation pattern for NQ on Friday, setting up a high probability large trending move on Monday, up or down.
Key inflection price level for NQ is at 18,560, bullish above, and bearish below it.
On the 60-minute chart, NQ looks ready to drop down to 18,300, with first support at 18,380. To do so NQ would need to drop below 18,485.
If NQ should trade above 18,560 we could still see NQ rallying back up to its next upside target of 18,850.
A gap-up open for NQ on Thursday. After breaking above prior high, instead of rocketing up, NQ reversed sharply down. It was a reversal day for NQ on Thursday.
The price action is not bullish, and likely topping here. If the reversal continues on Friday we could see NQ trading down to its next supports, 18,485 and then 18,380
Key inflection price level for NQ on Friday is at 18,620, bullish above it, bearish below it.
The unexpected dovish FOMC announcement on Wednesday, signalling rate cut sooner that widely expected, triggered buy programs after the announcement caused a large rally.
The rally may continue in the morning on Thursday. For NQ its intraday support is at 18,500, with key resistance at 18,685, the recent swing high..
Should NQ breaks above 18,685, we could either see massive spikes or sharp reversal. As such, 18,685 will serve as key price level for NQ on Thursday.
Key support is at 18,500 and key resistance at 18,685.
On Tuesday NQ opened with a gap-down. Then after dropping down to support, it rallied up to resistance, 18,290, before trading sideways into the close.
18,290 prove to be a formidable resistance on Tuesday as NQ tried multiple times trying to break above it and failed.
18,290 will be a great inflection price level to use for Wednesday, bullish above with upside target at 18,500 or higher.
NQ is bearish below 18,290, first support is 18,000.
Wednesday is FOMC decision with no expected change in policy, so there may not be much reaction to their announcement.
On Monday NQ opened with a huge gap-up. After a brief rally, reversed and trend down all day, down to support at 18,200, which is key inflection price level for Tuesday.
Bullish above 18,200 with resistance at 18,400. Bearish below it, with first support at 18,000, which it should break.
A clear and sustained break below 18,000 is an indication the pullback will be larger that usual, with the next support at around 17,400, December 2023 swing high, now support.
On Friday NQ opened with a gap-down below prior day low and then traded down to strong support zone at 18,000, prior swing high (resistance) from January 24th 2024, now support.
It is likely NQ would get a bounce from 18,000 support. How much is a bounce depends on if it can break above resistances.
The first resistance levels are 18,100, then 18,200, then 18,300-18,400.
Trading below 18,000 is very bearish as the next major support is not until 17,380.
Another bearish day for NQ on Thursday as most markets were bearish on Thursday including bitcoin and gold. It is very likely we may have seen a top in the market before it goes into summer pullbacks for the next 2 to 3 months.
On the intraday basis, key price level to watch is at 18,350, bearish below it.with the next support at 18,000.
NQ needs to trade back above 18,350 to turn bullish again.
Following a rally bullish day on Tuesday NQ traded sideways on Wednesday, setting up a potential big trending move on Thursday, the direction is not certain, a 50/50 chance of going up or down depends on where it trades relative to two key price levels, 18,300 support and 18,400 resistance..
Trading above 18,400 is bullish, upside target is 18,600 or higher..
Trading be;ow 18,300 is bearish, with potential move down to 18,100 or lower.
On Tuesday NQ opened with a huge gap-up. Then after dropping down to close the gao, NQ rallied all day into the close.
On Wednesday the rally should continue as long as NQ can stay above key support level, which for Wednesday is at 18,400.
Trading above 18,400 is bullish with the next resistance at 18,600. NQ is bearish below 18,400 with support at 18,300. If that is broken, the next lower support is at 18,100 then 18,000.
A sideways consolidation pattern for NQ on Monday, which is normal following a huge trending down day on Friday.
Since Monday could be considered as a second pullback day we should see NQ rally on Tuesday or at least st attempt to rally. If so NQ should trade back above 18,275 key inflection price level with key resistance at 18,400.
A break above 18,400 should trigger more short-covering with the next higher resistance at 18,600.
NQ is bearish below 18,275, first support is 18,100.
A huge selloff on Friday for NQ after making a new high. It was a false break which resulted in a sharp reversal.
The market may be making a top. The next key support is the 20-ma on the daily chart, at 18,200 for Monday. A sustained break would be key signal.
For Monday, key inflection price level will be at 18,350, bullish above, with the first resistance at 18,450 and bearish below it, with the first support at 18,100
A breakout rally day for NQ on Thursday with a gap-up open above Wednesday swing high. After a brief re-test of the breakout level (prior day high) NQ rallied all day until the very close where NQ tanked hard after the regular close.
NQ has rallied back up during overnight trading.
Key pric elevel for NQ on Friday will be at 18,335, bullish above, with the next upside target at 18,500 if NQ trend again on Friday.
Trading below 18,335 implies sideways consolidation, with first support at 18,100.
NQ Opened with a gap-up on Wednesday. After closing the gap, NQ rallied back up but then sold off in the afternoon. It was a sideways consolidation pattern on Wednesday.
On the daily chart, NQ looks bearish. and it looks like it wants to go back down to retest 17,700 support on Thursday.
Key intraday support on Thursday is at 17,970 and key resistance at 18,100. A sustained break out of the range is likely to trigger la large move.
Above 18,100 target 18,250. Below 17,970 target 17,800, then 17,700.
NQ opened with a huge gap-down on Tuesday and then trend down all day with a sharp end of day profit-taking rally, setting up a high probability gap-up and trend up day on Wednesday. If so, NQ would need to open and trade above 17,975.
Key inflection price level for NQ on Wednesday is at 17,975, bullish above with first resistance at 18,100, and bearish below, with first support at 17,900, then 17,765.
A consolidation day for NQ on Monday following a massive rally on Friday. This type of high momentum rally usually only require a one day pause/consolidation as the trend resumes after a one-day pause.
If so NQ should rally back up on Tuesday. To do so NQ should break back above 18,330 on Tuesday and push higher.
Key inflection price level for NQ on Tuesday is at 18,240, bullish above, bearish below with strong support at 18,100, a critical support.
Should 18,100 gets violated the next support is not until 17,900.
A very large breakout day for NQ on Friday. Normally following a huge trending move like last Friday it needs a consolidation day, but not necessary because at times we can see multi-days trending move.
Key inflection price level is at 18,320, Trading above it has the potential to trigger another trending up day as the shorts are forced to cover.
Trading below 18,320 is an indication NQ is in consolidation move, with next support at 18,100.
