A very narrow-range sideways trading actin for NQ on Tuesday. With most market participants out of their office for the Thanksgiving holidays and market closure on Thursday we could see another narrow-range sideways market on Wednesday.
A sideways trading action for NQ on Monday as NQ failed to stay above 21,000 after breaking above it soon after the open.
With most traders and investors out of the office for the Thanksgiving holidays there is a high probability the stock market is going to continue to trade sideways in a choppy pattern.
Key resistance for NQ remains at 21,000 and key support at 20,500.
A very narrow trading range for NQ on Friday. Overnight on Sunday night NQ has traded above 20,900 resistance.
If NQ could open above 21,000 on Monday and pushes higher we could see a trending day on Monday due to short-covering as trailing stop-losses for the short resides above 21,000.
If so we could see NQ rallying up to retest and break above prior high 21,350
Failure to break above 21,000 or failure to stay above 21,000 after breaking above it is bearish.
Shortened week this week due to Thanksgiving on Thursday.
A sideways consolidation pattern for NQ on Thursday. On both the 60-minute chart and the daily chart, NQ is showing a likely choppy non-trending sideways day on Friday with support at 20,700 and resistance at 20,900.
Lower support is 20,500 and higher resistance is at 21,000.
As long as NQ remains inside the 20,500-21,000 trading range NQ should continue to trade sideways.
Another sideways consolidation pattern for NQ on with sharp mporning drop down to retest strong support at 20,500
NQ is going to continue to trade sideways between 20,500 support and 21,000 resistance. NQ would need to break ouit of the zone between 20,500 support and 21,000 resistance to cause a trending move.
On the 60-minute chart, NQ seems to be stuck inside the 20,500-21,000 trading range. As such it is likely to continue to trade sideways.
On Tuesday NQ opened lower and traded down to 20,500 support before rallying all day into the close. Upside target remains at 20,900 which it could reach in the morning.
20,900 is key resistance, as such we could see NQ dropping back down to 20,700 after rallying up to it unless it can clearly break above 21,000.
The technical pattern on the 60-minute chart is indicating a sideways market on Wednesday trading between 20,700 support and 20,900 resistance.
A sideways consolidation day for NQ on Monday. The technical pattern on the 5-minute chart and the 60-minute chart is bullish, which target the next resistance at 20,900.
In order to trigger a rally NQ would need to break above key inflection price level at 20,680 and then push higher. It needs to break above Monday high to trigger short-covering. If so NQ should rocket up to 20,900 before dropping back down to support, 20,700
Key indicator to watch is the USD index, Any sharp rally in USD is going to be bearish for the stock market and may stall any rally attempt.
After trading sideways for four consecutive days above breakout price level, 20,900, after breaking above it, NQ closed down below the low of the breakout day, triggering exit & reverse short for the buyers which then caused a huge gap-down on Friday, which led to a trend-down day on Friday.
Monday could be a consoli9dation day with key support at Friday low. As long as NQ remains above Friday swing low we should see sideways action with key intraday inflection price level at 20, 500, bullish above it with first resistace at 20,685, then 220,900.
Bearish below Friday low, with next major support zone between 19,900-20,000.
Thursday was a down day for NQ. The selling is continuing into the overnight trading session. It has broken below key support 20,900.
If NQ should open below 20,900 we could see NQ quickly dropping down to the next support zone at 19,685-20,700. That is a strong support and NQ is likely to bounce off it and trade sideways
If 20,685-20,700 support zone is violated and NQ clearly break below it, we could see a fast decline.
Another sideways narrow-range consolidation pattern for NQ on Wednesday, four consecutive days. NQ would need to breakout above 21,350 and push higher to trigger a trend-up day.
A big gap-up open above 21,350 would increase the probability of a short-covering trending up day that lst all day long..
If NQ required a deeper pullbsck before trending back up again, supports are 20,900-21,000 and if that does not hold the next lower suppoert is at 20,700,
Upside target for a trend-up day will be at 21,700-21,750 are.
Another narrow-range sideways consolidation day for NQ on Tuesday, the third consecutive consolidation day in a row.
If NQ does not need a deeper pullback before resuming the rally we should se NQ trending up all day on Wednesday.
If NQ required deeper pullback the next lower support is at 21,000
Key price level to watch for will be at 21,200, bullish above, bearish below. Trading above 21,200 is an indication the next ley up is in progress. If so, the next logical upside target is at 21,500 to 21,600.
With the bond market closed for the Veteran;s day on Monday the market chopped around in a very narrow range.
Tuesday will be different as everyone will be back to trade the mrket. As such we could see the uptrend resume the current rally.
With Bitcoin in breakout parabolic mode on its way to 120,000, he market will be flushed with risk capital. as such may push the equity market higher on Tuesday.
Key intraday price level will be at 21,200, bullish above it, bearish below it.
The stock market took a pause on Friday trading sideways in a very narrow range pattern for NQ, which is a setup for a big rally on Monday, with reasonable upside target at 21,500 to 21,600.
Key price level for NQ to trade above in order to trigger short-covering rally is 21,250, bullish above, bearish below it.
The bond market is close for Veteran's day celebration but the stock market is open.
Another rally day for NQ on Thursday, the third consecutive rally day. Friday will be day 4 which is an indication that NQ may rally in the morning but then reverse in the afternoon, making Friday a sideways day.
However, the fact that nerxt week Monday November 11, will be veterans day, we could also see another up-trending day on Friday if the shorts panic cover again.
Key price level to watch is 21,250, bullish above, potential sideways action below it.
A large gap-up and trend up day for NQ on Wednesday following Trump victory. NQ and S&P 500 is now in breakout mode and may force the shorts to cover. If so we can expect to see 3 to 4 large up day in a row above breakout before we see a pullback day.
For NQ the breakout level is the high from July at 20,920. A sustained break above could trigger a 1,000-2000 point rally before pausing
Key price level for NQ on Thursday will be at 20,920.
The Fed is expect to cut interest rate by 0.25% on Thursday
Massive rally in equity in overnight trading session as Trump is going to win the US Presidential election. The rally should continue for the next three day as the shorts needs to cover.
For NQ key resistance top qatch is 20,700 then 20,900. A sustained break could cause a massive spike. A good upside target is at 23,200, that is if NQ can break abd stay above 20,900.
A break above 20,900 that does not hold is very bearish. But Trump win is very bullish for the stock market.
A sideways trading action for NQ on Monday. With Tuesday being an election day in the US we could see another sideways action with key support at 20,000 and key resistance at 20,200.
NQ would need to break out of the range to trigger s temporary spike away from the 20,000-20,200 range.
Major investors may want to wait for the election result to make their decision. As such we could see a big market move out of the range after Tuesday election.
Friday was a sideways consolidation day following a huge down day on Thursday. The sideways pattern on the intraday 5-minute chart is showing a setup for a rally on Monday.
Key price level to trigger a rally will be at 20,200, bullish above it with a normal upside target at 20,400. A more bullish upside target at 20,5400.
