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.
