Guideline For Monday -- NQ

The equity futures market opened the globex trading session with a large gap-up following the news that Larry Summers has withdrawn his application for the next Fed chairman. That makes Janet Yellin, the ultra money-printer, the prime candidate for the next Fed Chairman.

Whether or not the regular trading session will open with a big gap only time will tell, but janet Yelling's appointment should send shock wave to those holding short position in the equity market, and could trigger a capitulation move up to exhaust the current uptrend making a short term top, then pulling back down before reversing back up for the annual Christmas rally.

Key level for Monday is 3175 as support and 3200 as resistance.

-- Above 3200 should trigger more short-covering, may reach the next target 3250.

-- Below 3200 implies NQ is pulling back down to 3275..

Guideline For NQ

Another sideways consolidation for NQ on Thursday, and it may be ready to make a trending move on Friday, either up to 3200 or down to 3150 depending on where it trades in relation to equilibrium level, which is 3175 for Friday.

-- Above 3175 would give NQ a positive bullish bias for Friday morning, with rally target up to 3200.

-- Below 3175 is an indication that it is puling back down to support, 3150

NQ Guideline For Thursday

NQ opened with a gap-down dragged down by Apple shares (AAPL), but the general market were generally bullish following the postponement of US military strike on Syria, dragging NQ up towards gap-closed.

Key price level for NQ on Thursday morning is 3175.

-- Above 2175 should continue to trigger short-covering rally, with the next target at 3200.

-- Below 3175 implies NQ is going into a consolidation mode, with the next support at 3150.

NQ Guideline For Wednesday

US military strike on Syria has been put on hold,at least for now due to overwhelming opposition by the american people, but the government will certainly be looking for another excuse to strike because the goal is to strike Syria, by hook or by crook, but for now, it has been put on hold.

The strike delay has given a boost to the equity market as the rally continues, and it should continue with pullbacks along the way, unless the US can find another good reason to strike. 

Key Level For NQ on Wednesday is 3190.

-- Short-covering to continue above 3190, next resistance zone is 3200.

-- Below 3190 implies NQ is going into apullback mode with support at 3168

Guideline For Tuesday

NQ quickly rallied above resistance on Monday morning, then stayed above resistance, triggering a short-covering rally that lasted all day.

The daily trend for NQ is currently up, with the next target at 3200, with the larger target at 3250 but whether or not it will rally up to 3200 right away in the morning will depend on where it opens and trades soon after open.

Key level for NQ on Tuesday is 3165.

-- Above 2165 will target a move up to 3200.

-- Below 3165 implies NQ is going to consolidate, with support at 3150

The US ongoing plan to strike Syria will greatly influence market movements on Tuesday as Obama is scheduled to give his speech on at 9 PM eastern. What he will say is going to rally or tank the market.

Monday's Guideline - NQ

NQ closed in the middle of Friday's trading range, right at the equilibrium level. The direction of the morning trend will depends on where it opens and trades in relation to the equilibrium level soon after the open.

Equilibrium Level is 3130, 

-- Resistance is 3150,  

-- Support is 3100.

-- Trading Range = 3100 - 3150.

It would need a clear and sustained break out of the range to trigger a trending move in the direction of the break. If not, it will breakout and reverse.

US strikes on Syria will continue to strongly influence the market.

NQ Guideline For Friday

A narrow-range consolidation trading pattern on Thursday, and it is likely setting up for a trending move on Friday, usually occurring in the morning, and the direction of the move will depends on where it trades soon after the open.

Key equilibrium price level for Friday is 3130, resistance 3145, support 3115.

Guideline For NQ on Thursday

After closing the opening gap, and with Obama's military strike on Syria put on hold, at least for now, caused the short-sellers to cover, trigegring s short-covering rally all day and into the close.

For Thursday, key level to watch for is 2125.

Any major change in the US policy regarding a military strike against Syria could change the market dynamics very quickly. But should there be no change, the market should continue to rally, as long as it can stay above 2125, as the shorts will continue to cover.
--  However, below 2125 implies NQ needs a consolidation before the next trending move.

Wednesday Guideline For NQ

Nasdaq opened with a gap-up on Tuesday and then after spending about 1.5 hours trading in a very narrow range, NQ tank following Obama's speech regarding military strike on Syria. It dropped slightly below gap-close before rallying back up into the close.

On Wednesday key level to watch for is 3095 area.

-- Above 3095 implies potential rally to break above Tuesday's swing high, with the next resistance at 3120. It would need a massive Fed-induced short-covering rally to clearly break above 3120.

-- Below 3095 implies NQ is going down to support at 3070. It would need a strong selling pressure to clearly break below 3070, but if it does, next support is 3045.

Tuesday Guideline For NQ

With the US determined to attack Syria the market is certain to be volatile going forward.

Key price level (support/resistance) for NQ on Tuesday is 3085. 

-- Bullish above with resistance at 3110.

-- Bearish below, with support at 3050