On Tuesday NQ opened and dropped down to its 20-ma on the daily chart, the third test of the 20-ma in the last five days.
Although there were still a lot of buyers at the 20-dma, the flattening of the 20-dma daily implies, the next it drop back down there, it is likely to break.
Key inflection price level for NQ on Wednesday will be at 15,010, bullish above, bearish below it.
On Wednesday we could see a rally if NQ can trade and stay above 15,010, and bearish below 15,010
NQ traded sideways on Monday, not able to trend up as the setup suggest, that's a bearish signal. However, key support now is 14,850, the 20-day moving average on the daily chart. Above 14,850 NQ may just continue to trade sideways in a choppy pattern. A break below 14,850 would likely trigger massive selling, with the next key support at around 14,400
Key intraday inflection price level for NQ on Tuesday will be at 14,980, bullish above with first resistance at 15,080, and bearish below it with first support at 14,880.
On Friday NQ opened right at its 20-day moving average on the daily chart, and immediately bounce off it to test resistance before pulling back down and trade sideways all day into the close.
The sideways action is setting up a potentially large trending move away from the 200-ma on the 5-minute chart, the direction will depends on where it trades oin relation to its 200-ma on the 5-minute chart.
Key price level (L-I-S) for NQ on Monday will be at 14,980, bullish above it and bearish below it.
The pattern on the 60-minute chart and the daily chart is bullish, indicating that the next trending move is up. Thus if NQ can open and stay above its key line-n-the-sand 14,980, we could see a big rally on Monday with the next upside target at 15,170-15,200 price zone.
Breaking below 14,980 could trigger selling, with first target at 14,800
NQ failed to breakout above key resistance on Thursday. After testing 15,080 resistance multiple time on Thursday NQ eventually dropped back down to key support.
Overnight during globex trading, NQ has sold off hard, dropping down about 200 points from the close, setting up a potentially large down day on Friday, with key support at 14,780. Should 14,780 breaks we could see a cascade of selling if the bulls decide to bail.
Key intraday line-in-the-sand for NQ pon Friday will be at 15,000, bullish bias above, bearish bias below it.
Wednesday was the second pullback day for NQ following six up days in a row. If the uptrend on the daily chart is still in progress NQ should rally on Thursday and it should be a trending-up day.
Should NQ fail to rally on Thursday we know that the current uptrend on the daily chart has ended. If so, we should see NQ breaking back below 20-ma on the daily chart, and likely tank..
On an intraday time-frame, for Thursday, key line-in-the-sand for NQ is at 15,000, with 15,080 as key resistance to break through.
If NQ could break above 15,080, and then trigger some short-covering and some buy programs, we should see a large up-trending day.on Thursday with the upside target at 15,200-15,300 area.
A very big down day for NQ on Tuesday, with NQ dropping down over 300 points from the day high to the low of the day. NQ reversed back up in the afternoon and then close inside a choppy range between 14,860 key line in the sand and resistance, 15,040.
NQ would need to break below Tuesday low to trigger another strong liquidation drop.
A choppy and narrow-range sideways trading action on Monday following a large up-trending day on Friday.
Tuesday could be a resumption of uptrend if NQ can trade and stay above 50-ma on the 5-minute chart. As of the close on Monday the 50-ma on the 5-minute chart is at 15,100, which will be key line-in-the-sand for NQ on Tuesday
If NQ should trade back below 50-ma on the 5-minute chart on Tuesday morning, it implies NQ consolidation is still in progress.
A trending up day for NQ on Friday but then close at a price level that would be a key line-in-the-sand level for trading NQ on Monday, the price level is at 15,100.
If NQ should open and trade below 15,100 on Monday morning, we would likely see a choppy non-trending type of day, likely a pullback day, with strong support at 15,000 .
If NQ should open above 15,100 and then able to stay above 15,100, we could see another trending up day again on Monday.
NQ continued to rally on Thursday. The candles on the daily charts looks impulsive to the upside for the last four days, looks set to break the recent swing high of 15,000, whether it will occurs on Friday or next weeks, only time will tell.
On the daily chart, the higher high would come with a bearish momentum divergence, and with the S&P 500 spotting a very bad breath, setting up a rally to higher high to be followed by a sharp reversal back down to starts the l;tong awaited bear market.
The Fed and all the other central banks is likely to continue to buy the stock market, but they may not be able to push the market much higher against a powerful forces of deflation.
Look for higher high divergence to start a new sharp deflationary bear market that will last until next year.
Key intraday line-in-the-sand for Friday will be at 14,900, and key resistance is at 15,000
As we know, the stock market is highly manipulated by central banks, including the the Fed, as they can conjure any amoput of digital currency into existence without any production cost whatsoever. Under any normal market consitions, we should be looking for a lower high on this current simply because it has broken its 20-day moving average on the daily chart.
Because the stock market is not a free market as it used to be, we can expect just about anything to happen. For NQ the last three consecutive up-days has been impulsive and looks set to make a higher high above the recent high of 15,000.
Thus as long as NQ does not violate its previous day low, the uptrend should continue as shorts gets squeezed and forced to cover.
Key NQ intraday line-in-the-sand for Thursday will be at 14,780.Bullish above it and bearish below it, with NQ first intraday support on Thursday at 14,720.
