NQ Guideline For Thursday

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 Guideline For Wednesday

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.

NQ Guideline For Tuesday

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 Guideline For Monday

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 Guideline For Friday

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. 

NQ Guideline For Thursday

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.

NQ Guideline For Wednesday

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

Negative TESLA earning is bearish on the market.

NQ Guideline For Tuesday

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

NQ Guideline For Monday

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.

NQ Guideline For Friday

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

NQ Guideline For Thursday

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.

NQ Guideline For Wednesday

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

NQ Guideline For Tuesday

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

NQ Guideline For Monday

 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.

NQ Guideline For Friday

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.

NQ Guideline For Thursday

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.

NQ Guideline For Wednesday

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.

NQ Guideline for Tuesday

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.

NQ Guideline for Monday

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

NQ Guideline For Tuesday

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