A sideways non-trending day for NQ on Friday as most market participants are out of the office unri8l the new year.
On Monday NQ intraday support isd 21,688 and resistance is 21,800.
The daily chart is showing a likely NQ likely dropping back down to 21,300
Thursday after Christmas, with most market participants out of the market we could see light trading volume, and with market swing that will be unpredictable, fast moves or slow moves.
On the 60-minute and 5-minute intraday timeframe both were in very overbought condition which can cause sharp pullback down to releive its overbought condition.
Key support on Thursday will be at 21,800 and resistance at 22,150 - 22,250
As usual, a sideways price action for NQ on Friday, with rally in the morning and choppy downswing in the afternoon.
On the 5-minute chart and the 60-minute chart, the pattern looks like it is setting up for another rally leg on Monday, depending on where it trades in relation to it inflection price level, 21,650, bullish above, bearish below it.
With most large traders and investors out of the office for the Christmas holidays we could se another non-trending day on Monday.
A sideways consolidation day for NQ on Thursday following a massive sell-off on Wednesday following the Fed policy decision.
Friday could be another sideways day as Friday tends to be a choppy sideways day. However, giver the damaged don on Wednesday Friday could be another intense selling day.
Key support is at 21,300. A gap-down below or a sustained break below could trigger another rounds of liquidation
On Wednesday the Fws cut interest rate by 0.25% as expected but signalling no more cut in 2025. The the financial market pricing in numerous rate cut in 2025, the Fed on Wednesday was a disappointment, the stock market sold off hard even before the new year, a very bearish signal indeed.
NQ dropped down over 1,100 points on Wednesday, the low was at key support, the 30-ma on the daily chart and prior swing high from November, 20,300. It should have a strong bounce from support.
However, if strong support is violated on Thursday we can see another crash with the next strong support not until 20,000, thats a 1,400 points drop from Wednesday's low.
A sideways price action for NQ on Tuesday following an up-trending day on Monday and ahead of the FOMC decision on Wednesday.
The market has priced in a 0.25% rate cut on Wednesday. Unless there is a surprise we should not see much change in the market sentiment.
On the daily chart, NQ is in overbought territory thus vulnerable to a sharp sell-off.
Key intraday inflection price zone for Wednesday will be at 22,300 (March contract), bullish above, bearish below it.
A sideways market action on Friday. Ahead of the FOMC meeting this coming week the market is likely to continue to trade sideways.
Key support is now 21,700
NQ traded sideways in a very narrow range on Thursday, with a close below key support 21,670. Friday could be a trending up day if NQ can trade back above 21,670 then trade above Thursday swing high 21,750
Below 21,670 we couls see continued choppy sideways action
Up-trending day for NQ on Wednesday. As such we could see a sideways day on Thursday. If so, we should see NQ trading below Wednesday swing high, first support is at 21,670. Second support is at 21,570.
Although a lower probability, trading above Wednesday swing high can generate another trending up day as the short would be forced to cover., with 22,000 as a reasonable upside target.
Another sideways action for NQ on Tuesday. Wednesday could be similar sideways action as there is no setup for a trending day.
Support is 21,300 and resistance is 21,650.
As expected NQ traded sideways on Monday. There is no setup for a trending day on Tuesday, as such we could see another sideways day.
Support at the close on Monday is 21,470, bullish above it with first resistance at 21,650 and bearish below it.with first support at 21,300.
A trending up day for NQ on Friday. It may continue on Monday as the bullish sentiment going into the year end continues. To do so, it has to trade above 21,650 on Monday.
Staying below 21,650 implies choppy consolidation type of day. If so, the first support is at 21,570
As expected,following a trending-up day on Wednesday NQ traded sideways on Thursday. On the 60-minute chart, NQ pattern is indicating a deeper pullback down to 21,300 support before trending, likely by next week Monday.
Key price level to0 watch is 21,450, now acting as support. A break below indicated a deeper pullback down to 21,300.
Trading above 21,450, implies sideways consolidation. Trading above Thursday high implies a possible trending-up day.
A gap-up and trend-up day for NQ on Wednesday..
Key resistance is now Wednesday swing high, bullish above it with the next upside target at 21,800.and likely another short-covering trending up day,
But bearish below it, likely a sideways pattern, support is back down at 21,300.
Bitcoin is breaking above 100k, next upside target is 120k or higher
After trending-up on Monday NQ traded sideways on Tuesday consolidating the previous day up-trending day.
At the end of the day on Tuesday NQ looks ready to trend up again on Wednesday. If so we should see NQ opens with a gap-up above 21,300 and then pushers higher as the shorts are forced to cover. The next upside target is 21,600-21,700 area.
If, for some reason, NQ would trade back below 21,300, we could see sell-off with the next support at 21,000.
On Monday NQ opened above key 21,000 price level and then trend up into the next resistance at 21,300, which would serve as kep price level to watch on Tuesday.
We could see another trend-up day on Tuesday if NQ could break above 21,300, with the next upside target at 21,600.
But failure to break above it would imply a sideways consolidation with key support back at 21,000.
NQ remained below key resistance 21,000 as of Friday trading, setting up a very nice and clear trading zone, 21,000
21,000 will serve as key inflection price level on Monday, bullish above as the shorts would be forced to cover. If so, the upside target would be around 21,350-21,400 area.
Bearish below ir wityh the first downside target at 20,700.
