On Friday NQ dropped down to support, prior swing hgi from 13-June swing high, 19,925, then bounced, but Friday was just a sideways consolidation pattern.
It seems that financial liquidity may be dropping with Bitcoin already down about 2K so far toning, and indication Monday could be a bearish day.
Key intraday support level for NQ on Monday is at 19,925, bearish below it and neutral to bullish above it.
Key resistance for NQ on Monday is at 20,075-20,126
Instead of trending-up following a consolidation day on Tuesday, NQ pullback down on Thursday. It was a bearish reversal day..
On the daily chart, NQ was in very deep overbought condition and likely beginning a 3-day pullback down before rallying back up again to higher high, with potential upside target at 20,500 to 21,000 before beginning a large multi-month downtrend in summer, likely from July to October.
On the intraday timeframe. key inflection price level is at 20,125. If NQ is not able to clearly break above that level we could see another down day on Friday, with key support at 19,900 zone.
Trading back above 20,125 is bullish, and NQ could go back up to retest the recent high 20,270.
A sideways choppy day for NQ on Tuesday following a large up-trending day on Monday and ahead of the holidays on Wednesday.
Now that the holiday is over and that the market has consolidated, NQ should resumes the uptrend on Thursday. If so the next upside target is at 20,500-20,600.
For that to happen NQ should open and trade above Monday high of 20,270.
A huge rally for NQ on Monday with end of day profit-taking decline.
Usually after such a large trending day the market would need to consolidate the trending move and the probability of a consolidation day on Tuesday is high especially as the market will be close on Wednesday for the Juneteenth Holiday.
Key inflection price level on Tuesday will be at 20,180., bullish above with the next upside target at 20,350, and bearish below it with potential support at 20,050
After three day of narrow-range chuppy days following a huge gap-up opn, on Monday we could see either a sharp pullback down move or a large rally day.
Key intraday price inflection level for NQ on Monday is at 19,900, bullish above it, with the next upside trend target at 20,100-150.
A sharp pullback down move below 19,900 target 19,650
A sideways consolidation day for NQ on Thursday. Friday might be another sideways type of day unless NQ can push higher above 19,650 and trigger more short-covering ahead of the weekend.
Key support is 19,550, then 19450.
NQ was engineered higher overnight on Wednesday night to cause a short-covering rally ahead of the FOMC decision on Wednesday. As usual, after a short-covering rally in the morning NQ then trade sideways most of the day.
On Thursday we could see NQ rally in the morning and then pullback down in the afternoon. Although not so likely, we could also see NQ rallying again on Thursday if more shorts are forced to cover.,
The next upside target is 19,750 zone.
A slight bullish price action for NQ on Tuesday ahead of the FOMC policy announcement on Wednesday. It is widely expected that the Fed is not going to change their policy, expecting NO rate cut.
Key intraday support for NQ is now at 19,150, bullish above, bearish below it. The next upside target is 19,400-19,500.
The FOMC June meeting will start on Tuesday with the announcement on Wednesday. A such, we could continue to see a narrow range choppy action on Tuesday as long as NQ remains above key support level, 18,980.
A sustained break below could cause some heavy selling ahead of the FOMC policy announcement on Wednesday. However, that would be highly unusual, but it could still happen if the insiders sense what the FOMC is going to do.
Next support below 18,980 is 18,760
Friday was the second consolidation ay for NQ and the equity market following a huge up-trending day on Wednesday.
Monday could be a large range day if NQ could break below key support of 18,980, with the first downside target of 18,760.
Key inflection price level for NQ on Monday is at 18,980,bullish above it, bearish below it.
