A sideways trading action for NQ on Friday with the close above key resistance at 13,300. For Monday 13,300 will be key rice level. Trading above 13,300 could trigger another round of short-covering rally.
With the FOMC meeting announcement on Wednesday we could see bullish price action as the Fed may want to cause a major rally ahead of them raising another 25 basis point raise in short-term interest rate.
Trading below 13,300 is bearish.
On Thursday NQ opened with a huge gap-up above 13,000 key support that was broken on Wednesday. As such, the shorts were forced to cover triggering all day short-covering rally.
NQ closed just below key resistance at 13,300, which will be key price level and key resistance for NQ on Friday and going forward.
If NQ is not able to break above 13,300 on Friday we should see NQ pulling back down and trade sideways, with key support at 13,000.
A sustained break above 13,300 should trigger another round of short-covering rally.
A sideways trading action the day after a trending down day on Tuesday. If NQ remains below 13,000 previous support now resistance we should see another down day on Thursday.
To do so it must break below 12,870 support and trend lower, with the next support at 12,700-12,750
NQ finally broke below support and then trend down all day. At the end of the day after the regular trading sessions has closed, some large buy program was triggered to push the market up. However, the trend down had started and should continue down.
Key intraday price level for NQ on Wednesday will be at 13,000 and it is a key resistance, with support at 12,750. Tradiong below 12,750 could cause another trend down day on Wednesday, above it implies likely sideways consolidation price action.
Another sideways day for NQ on Monday as NQ remaines inside a narrow trading range between support and resistance. Trading range support is now at 12,970 and resistance at 13,225.
NQ looks ready to break below support and trend down, with the next downside target at 12,750, then 12,550
For Tuesday key intraday resistance is at 12,060, bullish above it and bearish below it
As expected, NQ traded sideways on Friday. NQ should continue to trade sideways until it breaks out of the current trading range between 13,000 to 13,300, and then stay out or the range on a break, triggering more buying or selling depending on where it breaks out to.
I still expect the breakout to be to the downside. Key support is 13,000.
On the intraday timeframe, key price level for NQ on Monday will be at 13,120 resistance and 13,056 support.
Another sideways price action for NQ on Thursday. With Friday tendency to be choppy sideways trading pattern we could see another similar pattern on Friday.
Key price level for NQ on Friday will be at 13,150, bullish above and bearish below it. We may even see NQ dropping down to lower support 12,900-12,950, on Friday.
Another narrow range sideways day for N on Wednesday. This type of trading pattern is going to continue until NQ breaks out of the trading range, 13,000-13,300
The break is likely to the downside with the downside target at 12,400-12,600 before a bounce.
On the intraday basis, key support is now at 13,150.
NQ is still trading inside the current trading range with 13,00 support and 13,300 resistance. On Tuesday NQ traded between 13,300 resistance and 13,150 support.
13,150 is now inflection price level for NQ on Wednesday with resistance at 13,300 and support at 13,000
We need to see a clear break out of the 13,000-13,300 trading zone before we can get a larger intraday trading range.
NQ remained inside a balance zone between 13,000 as support and 13,300 as resistance.
Price actions is showing us that the more likely break is to the downside, meaning that NQ would break below 13,000 support and then tank down to 12,500 area.
On the intraday timeframe inflection price level for NQ on Tuesday is at 13,150
