Guideline For Tuesday

NQ opened with a gap-down then trend down most of the day with a late day profit-taking rally into the close, setting up potential morning rally into resistance, or a gap-up open and rally into resistance, and if resistance holds, it should then resume its downtrend.

However, if instead NQ opened below support we would likely see more decline as momentum algo sell programs kicked in.

Key resistance on Tuesday is 4070-4075, key support is 4035.

-- As long as 4070-75 resistance holds on any rally, NQ is likely to drop back down towards 4035 support. -- Breaking below support could attract another round of algo sell programs, next downside target is 4005 double-bottom support.

-- Breaking above 4075 could attract short-covering rally, next resistance above is 4100.

Guideline For Monday

A sideways down-day for NQ on Friday. A strong sell-off in the morning that was followed by an afternoon rally.

Key inflection price level for NQ on Monday morning is 4100.

-- Trading below 4100 is an indication that NQ is going for another round of algorithm selling with first downside target at 4065-4070 support. As long as the first support hold, NQ should rally back up to 4100 resistance. 

-- Breaking below 4065 could attract momentum algo sell programs than can tank NQ down to the next support level 4045-4050.

-- Trading above 4100 is bullish, next upside target is a higher high above Friday swing high.

Guideline For Friday

NQ opened with a gap-up on Thursday and then rally up all day into the close, albeit, a narrow range up day. Going into Friday which tends to be a choppy sideways type of day, NQ needs to trade above 4100 and push higher to trigger more short-covering rally.

Trading below 4100, with or without first breaking above 4100 implies NQ is going into a pullback-down mode with supports at 4088, 4065.

Guideline For Thursday

The market traded sideways ahead of the FOMC announcement on Wednesday, then, attempt by the short-sellers to take the market down after the relesed of the FOMC minutes was met with aggressive Fed buying which pushed NQ back up above morning high before short-sellers came back to sell it again.

NQ closed near where it opened created a doji candle on the daily chart, setting up either a rally or a sell-off on Thursday, depending on where it trades in relation to its key inflection price level, 4065

-- Bullish above 4065, resistance are 4085 and 4100

-- Bearish below, supports are 4045, 4030, 4010

Guideline For Wednesday - NQ December Contract

A typical opening gap-reversal day on Tuesday with a small profit-taking decline near the close. With the FOMC policy announcement not until 2:15 pm in the afternoon the market may just chop around until the announcement, and then, depending on whether or not there is going to be any major change in policy, the market may or may not have much reaction.

Key price level for NQ December contract on Wednesday is 4045.

-- As long as NQ does not clearly break below 4045, the up-trending will resume, next resistance is 4100.

-- Below 4045 is an indication that the downtrend resumes, supports are 4030, 4010.

Guideline For Tuesday

The price level I am using here is for NQ September contract. December contract is about 8.00 points lower than the September contract.

NQ opened and sold off hard all morning and into he lunch hour on Monday, stopping right down at 4020 support level before finding support and then bounce  in late afternoon and into the close.

Inflection price level is around 4037. Support for NQ on Tuesday will be 4020 and resistance 4050-4055 area.

-- As long as NQ stays above 4020 support, it either rally or trades sideways. NQ needs to clearly break above 4037 to trigger algo buy programs with upside targets of 4050-4055 resistance.

-- Breaking below 4020 is going to attract another round of momentum sell algos that can tank NQ down to the next support zone 3990.

Guideline For Monday

A slow and choppy decline for NQ on Friday with a small profit-taking rally into the close. 

NQ has been stuck inside a trading range between 4055 support and 4105 resistance with the main activities oscillating between 4060 and 4095. It needs a clear and sustained break out of 4055 - 4105 trading range to cause a trending move.

Key price level for Monday is 4070 for NQ.

-- Bullish above 4070 with resistance at 4095 and 4105.

-- Bearish below 4070 with support at 4055 - 4060 then 4020

Guieline For Friday

NQ trend down to support in the morning and early afternoon on Thursday, but profit-taking ahead of Friday pushed NQ up into just below Wednesday swing high at the close. 

Fridays tend to be a ranging type of day as traders square their books for the weekend.

Support for NQ on Friday is 4075-4080 then 4055-4060

Resistance is 4095 and 4105

Guideline For Friday

NQ tried to break below support early in the morning but failed. Profit-taking bounce turned into a trending upmove as algo buy programs kicked into high gear on a break above the 50-moving average on the 5-minute chart.

Rally continued all day closing at the day high and at key resistance level (4095) for Thursday, setting up a positive momentum into the close. 

Key price level for NQ on Thursday is 4095.

-- A sustained break above 4095 could trigger a rally to above 4105.

-- Failure to stay above 4095 should attract some selling that could take NQ down to 4075 support. A sustained break below 4075 could attrack momentum algo sell programs targeting a test of 4055 support.

Guideline For Wednesday

A wild trading action in the market on Tuesday with NQ opening inside its balance zone, which after a slow morning session was then engineered to drop down below prior day low in order to take out the stop-losses of those holding long positions.

It was then engineered to quickly reversed back up, trapping breakdown sellers, fueling rally engineered to break above prior day high, again, designed to take out the stop-losses of the shorts, after which was quickly reversed back down, this time, dropping down below day low, with small profit-taking rally into the close, setting up a bearish momentum going into the open on Wednesday.

Key inflection price level for Wednesday is again, 4075 area for NQ.

-- As long as NQ stays below 4075 NQ will remains in a bearish mode, a clear and sustained break below 4055 support should trigger another round of algo selling programs, next support is 4040-4045, then strong support at 3090

-- A sustained break-back above 4075 should trigger another round of algo buy programs, resistance is at Tuesday's swing high.