A sideways consolidation pattern for NQ on Thursday after a huge rally on Wednesday following a dovish FOMC announcement.
Profit-taking may continue on Friday which would imply another sideways day, however, if more shorts continue to be forced to cover, we could also see another rally day on Friday.
Key intraday inflection price level for NQ on Friday will be at 16,745, bullish above it, bearish below it.
Dovish FOMC meeting announcement on Wednesday with plans to cut interest rates as early as March 2023 caused massive short-covering activities on Wednesday. Short-covering continues after m,market in overnight trading session.
NQ is currently in breakout mode. Short-sellers may have to continue to cover their position and as a result could cause massive spike non-stop rally.that could last for several days.
The next NQ resistance is 17,500
NQ continued to rally on Tuesday, clearly in breakout mode above 16,465. The rally should;d continue with intraday first support at 16,515 and then 16,465.
On Monday NQ finally broke above key resistance, 16,350 on the March contract value, then trend up slowly to close just below July swing high, 16,465, which will now be key resistance going forward.
More rally above 16,465, pullback down move below it, first support is 16,350.
Another narrow range sideways action for NQ on Friday. Per the new contract key support is 16,250 and resistance is 16,350.
Zone between 16,000 and 16,350 are zone of choppy sideways trading action. NQ would need to clearly breakout of the zone to cause a trading day.
Expect noptrending sideways day until NQ can breakout of the 16,000-16,350
NQ continued to trade inside the range between 15,790 support level and 16,100 resistance level for over three weeks. A breakout will come, its just a matter of time..
Key support is 15,790 and key resistance at 16,250.
Until NQ can break out of the range, it is likely to continue to trade sideways inside the narrow range of 15,790 to 16,100.
A gap-up reversal again for NQ on Wednesday. NQ is not able to breakout of the range between 15,790 and 16,000 price range.
However, on the dily chart, NQ seems ready to breakdown below key support 15,790. When it does, this time we could see a breal breakdown. Downeside target is at 15,470 - 15,550.
NQ came back down to retest key support at 15,790 area soon after the open on Tuesday. When support held, buyers jumped in to buy. Although sellers came back in to sell NQ managed to close above key intraday inflection price level at 15,880 for Wednesday.
With NQ now closing above key support, 15,790 but below key resistance at 15,970, where it trades on Wednesday is key tp gauge directional move.
Should NQ opens above 15,970 we could see NQ rallying to the next resistance zone between 16,100 to 16,250.
NQ would need to trade below 15,970 to be bearish. Anting in between implies more sideways action.
After opening with a huge gap-down and then broke down below key support NQ rallied back up to above support by the close of the day.
Key support is again aat 15,800. A re-break below it could trigger liquidation selling, downside target at gap-close on the daily chart, at 15,550
Intraday resistance is at 15,900 which becomes support if NQ can clearly break above it, with the next higher resistance at 15,990-16,000.
NQ continued to trade sideways inside a narrow range on Friday, key support at 15,790 and resistance at 16,100.
On the 60-minute chart, NQ looks ready to rally back up to test 16,100 resistance, but on the daily chart NQ seems ready to drop back down to retest 15,790 support.
On the 5-minute chart key inflection price level is at 15,975, bullish above, bearish below it.
NQ needs to breakout of the 15,790-16,100 to trend again.
The big new now is gold breaking out above all time high. Short squeeze is imminets, upside target is 1,500 and could get there is a very short time.
