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.
