Still not much happening in the stock market on Monday. The pattern should continue until we get a real breakout of the current trading range 21,500-22,100
Iran-Israel war is going to dominate.
Iran-Israel war intensifies, as such, anything is possible. Gold and crude oil will be bullish while equities will be bearish.
Another narrow-range sideways trading action for the stock market on Thursday. However, overnight on Thursday night Istrael has bombed Iran znd that has started the sell-off in the stock market.
NQ is down over 400-points so far, The severity of the decline will depends on what Iran will do in retaliation. As such, anything is possible. With tis type of event, supports no matter how strong could easily be broken.
Supports for NQ are 21,500, 21,000, 20,500 and 20,000
Another choppy sideways day for NQ on Wednesday. Until it gets out of the range the choppy pattern is going to continue.
Inflection price level for NQ on Thursday will be at 21,900, support at 21,800 and resistance at 22,000.
The stock market has been chopping slowly upward for over two weeks and it seems exhausted and ready to drop sharply downward as there is not more willing buyer and no more willing short-covering.
Key intraday price level to watch on Wednesday is at 10,900, still bullish above it, but ready to sell-off below it.
Lower supports are 20,800 thn 20,570
Monday was another narrow-range sideways day. The chop continues until it gets out of the current trading range, with key resistance at 21,900.
A very narrow trading range for NQ on Friday as there wer no more buyers and sellers are not coming in yet until it breaks below certain level.
The market can continue to trade sideways until a catalyst comes and know the market off equilibrium price zone. Untiil then the market can just continue to trade sideways
Intraday price level to watch are 21,900 resistance and 21,570 support.
NQ pulled-back down on Thursday briefly breaking below support at 21,570, a slight overshooting down below support.
With Friday's tendency to trade sideways, without any market-moving news, we should see a sideways trading action for NQ, with support at 21,570 and resistance at21,750 to 21,900.
A very narrow trading range for NQ on Wednesday, stuck between 21,650 support and 21,800 resistance. Until there is some market-moving news NQ may continue to trade sideways in a very narrow range.
A very slow and very choppy rally for NQ on Monday as some short sellers were forced to cover. NQ remains inside a choppy trading range between 21,000 support and 21,550 resistance.
NQ has the potential to rocket up big if it can break above and stay above 21,550 resistance and force more shorts to cover.
Key intraday price level for NQ on Monday will be at 21,550 resistance, bullish above it, and 21,450 support, bearish below it, but its still within a choppy sideways trading range.
Friday was a sideways trading pattern, starting with a sharp decline in the morning, down to just above key support, 21,000, then sharp rally in the afternoon back to key resistance, 21,450.
We could see a larger move on Monday, key inflection price level will be at 21,350, bullish aboveit, bearish below it.
Key breakout resistance is at 21,450, key breakdown support is at 21,000. A sustained break below 21,000 ccould quickly tank NQ down to 20,500..
NQ would need a market-moving news to break out of the 21,000-21,570 trading range
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