Guideline For Monday

A slow rally on Friday up to 3900 resistance before stalling and traded sideways into the close. 

Key price support level to watch for on Monday is 3890 for NQ.

-- Staying above 3890 implies buy programs is going to continue in the morning.

-- Below 3890 is an indication NQ is going into a pullback mode, with key suppot at 3880. As long as 3880 support holds NQ rally should resume.

-- A clear break below 3880 could trigger algo sell programs that can tank NQ back down to Thursday's low.

Guideline For Friday

On Thursday NQ opened with a huge gap-down, right down to major support zone, a combination of prior swing high - turned support on the 60-minute chart and also on the daily chart, and the 20-moving average support on the daily chart.

NQ swiftly rallied all the way back up to a gap-close resistance before pulling back down to support, then rallied back up into the close.

On Friday key price level is 3875.

-- Bullish above 3875 with resistance at 3890.

-- Bearish below 3875 with support at 3865 and 3845.

The market needs to have extreme internals to break through support and resistance.

Guideline For Thursday

A choppy trading session for NQ on Wednesday with a close near the day high, and just above key inflection price level, setting up either another upday on Thursday or a resumption of the downtrend that started on Monday.

Key inflection price level for Wednesday is 3882.

-- Trading above 3882 is bullish, and could trigger more short-covering rally. If so, the next upside target is a break above Monday swing high.

-- Breaking back below 3882 is an indication the downtrend that started on Monday is resuming, next downside target is a break below Tuesday's swing low. 

A nice rally in the price of gold on Wednesday, but it is now in overbought territory on the daily chart, so unless some short-covering can commences, profit-taking can cause gold to pullback down. 

Guideline For Wednesday

NQ sold off hard soon after the open on Tuesday. A break below key upport triggered massive momentum algo sell programs, with NQ dropping more than 50 points before finding enough buyers to stall the decline. 

Tuesday was a second down day in a row. Whether or not we are going to see a 3rd down day on Wednesday will depend on whether or not NQ can rally back up above key resistance.

By the end of the day NQ looks set for wave C rally up to resistance, 3875 and 3885. 

Key resistance for NQ on Wednesday will be 3885.

-- A clear break above 3885 imples the pullback down has ended, and the uptrend is resuming. If so, the next upside target is a higher high above Thursday swing high.

-- Trading below Tuesday swing low is an indication NQ is still in a pullback down mode, next support is at 3830. Should 3830 breaks a strong support lies at 3800.

Guideline For Tuesday

NQ pullback down to support in the morning on Monday, then traded sideways just above support for the rest of the afternoon, a with small profit-taking rally at the close. 

Depending on where it trades on Tuesday, NQ either rally back up to higher-high or drop down for to the next support zone.

Key support for Tuesday remains at 3895 - 3900.

-- Trading above support is an indication NQ may want to rally to higher-high.

-- Trading below key support implies NQ is going for another leg down to the next support zone 3870-3875.

Guideline For Monday

The uptrend continued on Thursday ahead of the 4th of July long weekend holiday, with the close at the high of the day. As long as key support level continue to provide support on any pullback down the uptrend should continue.

Key support level for Monday in NQ is 3895-3900

For NQ (see daily chart below) it is currently still in wave iii of 5 up, but it may be ready for wave iv pullback down at anytime now. If so, it would need to break key support level, which on Monday is 3895-3900.

However, as long as 3895 price level is not clearly violated on any pullback down move, wave iii of 5 is still in progress.

A clear break below 3895 is an indication wave iv is in progress with downside target at 3870-3875 area. I am still looking for another higher high (wave v) after wave iv has ended. Only a clear break below 3870 would invalidate the above analysis.

Guideline For Thursday

With most traders out of the office for the 4th of July holiday the market remains in a very narrow-range choppy mode on Wednesday and the pattern should continue on Thursday as long as there is no unexpected market moving news.

Key support remains 3885 for NQ on Thursday.

-- Trading above 3885 implies sideways choppy pattern or uptrend.

-- Breaking below 3885 may trigger algo sell programs.

Guideline For Wednesday

Ahead of the long weekend the market tends to be bullish, so any pullback down is an opportunity to go long as long as it does not break key support.

Key inflection price level for Wednesday is 3885. Key support is 3850-3860 zone.

-- Trading below 3885 is an indication NQ may be going into a consolidation mode before resuming the uptrend. If so target down is 3850-3860.

-- Trading above 3885 implies the next upleg is in progress, next upside target is 3910.

Guideline For Tuesday

A choppy narrow-range up-day for NQ on Monday with a close near the day high. NQ is now approaching overbought condition on both the 60-minute chart and the daily chart, so it is vunerable to a large pullback down move.

However, keep in mind that the Fed would want to continue holding the market up going into the long 4th of July weekend holiday, so they may just continue to buy any drop. As long as any pullback down can stay above key support level NQ should continue going higher, but it may continue to be slow and choppy unless of course we get a larger pullback down before resuming the uptrend

Key support for NQ on Tuesday is 3830. 

-- If 3830 is clearly broken the next support is 3810.

Guideline for Monday

A choppy narrow range up-day on Monday with the usual small profit-taking pullback at the end of the day. Without any major unexpected negative news on Monday the Fed buy programs should continue to push the market higher, so any pullback that does not clearly violate key support zone should provide us opportunity to go long.

At the end of the day on Friday NQ was in overbought condition on the 5-minute chart, and may need to consolidate or pullback down in the morning on Monday before rallying back up again.

Key support for Monday in NQ is around 3810 area. A clear break below 3810 is an indication nQ may be going into a larger pullback, next support is 3785.