A trending up day for NQ on Wednesday following two consecutive days of consolidation.
There is a high probability that Thursday could be a choppy sideways day. However, anything is possible, as such NQ could continue to trend higher since NQ is in a parabolic move higher.
Key support for NQ on Thursday will be at 20,855.
Another narrow-range choppy sideways trading pattern for NQ on Tuesday. A gap-up did not trigger any buying or short-covering because everyone has bought. NQ is in deep overbought zone on the short-tern and long term time-frame.
As such, the market may need some pullback down days before it can rally and trend up again.
Key intraday support for NQ is at 20,590. A clear and sustained break may be able to cause a big drop. Trading above 20,590 implies more choppy price action.
A narrow-range sideways consolidation day for NQ on Monday following three consecutive trending up day
If consolidation has ended we should see a trending up day on Tuesday. If so, the next upside target is 20,800-20,850. To do so NQ would need to stay above key line in the sand for Tuesday, 20,640 area.
Ideally, NQ wound open with a gap-up above Monday swing high and then push higher inorder to force the shorts top cover and trigger buy programs.
If NQ should trade below 230,640, key support is at 20,550.
The stock market was manipulated higher while everyone was away. As a result, stop-losses were ran-over and trigger which help propel the stock market higher last week on Tuesday, Thursday and Friday..
With most market participants back on Monday we could see either more short-covering if the stock market remains at its current level or move higher, or sell-off if it breaches certain price level.
With the stock market in very overbought zone on most time-frames as a result of last week very low volume rally we could see sharp selling if the stock market cannot maintain its current price level or move higher.
For NQ, its intraday inflection price level is at 20,610, bullish above it and bearish below it, with key support at 20,370
A choppy sideways trading pattern for NQ on Monday. With most traders and investors out of the office for the 4th of July holiday, the chop should continue.
Key inflection price level will again be at 20,350, with first resistance at 20,160, first support at 19,920
Friday was a wild trading day, with large and sharp rally early in the morning that was followed by a large decline for the rest of the day.
With most traders and investors on holidays for the Fourth of july holiday the low trading volume allows some large fund to move the market wildly.
The pattern could continue to dominate the market all this coming week as trading volume should continue to be low.
Key intra-day inflection price level for NQ on Monday will be at around 20,025, with first resistance at 20,165 and first support at 19,925.
Another choppy sideways day for NQ on Thursday, the 3rd slightly bullish day in a row.
With Friday potentially a choppy sideways day, unless NQ can open with a gap-up above Thursday swing high, and triggers short covering we could see NQ rally to resistance (20,125-20,160) in the morning then decline to support 20,060 and 20,000.
If NQ should open and trade below 19,925, we could see a sell-off But that could wait until Monday. With most traders and investors out of the office for the US 4th of July holidays, the market could continue to trade in a choppy zone,
A slightly bullish, narrow range choppy day for NQ on Wednesday. It was also the second consecutive up day. The current 2 day rally was choppy, and indication that Thursday being a third day could be a down day, a resumption of the recent three day decline.
If so, NQ should break below Wednesday swing low and push lower and run-over trailing stop-loss.
As such, if NQ can break above Wednesday swing high and stay above it we could see huge rally day, with the next resistance at 20,125-20,150.
After three consecutive day of decline NQ rallied on the fourth day. As long as NQ remains above Monday's swing low, 19,727, NQ should either continue to consolidate or rally.
Key intraday support for NQ on Wednesday will be at 18,925 and key resistance is 19,990.
Trading above 19,990 should continue to trigger short-covering, with the next resistance at 20,150 if the market is very bullish. A choppy market could rally up to 20,075
Trading below Monday low after just one rally day is an indication the market is very bearish. If so the next support level is at 19,600
A large down day for NQ on Monday. With the low of the day nearing support, the 20-ma on the daily chart, 19,540, we could see NQ consolidating its trend down day.
If so NQ could rally up to the key inflection price level, 19,825. If that is violated to the iupside, the next rally target is at 19,925 - 19,965.
If NQ should trade below Monday swing low, the next support is the 20-ma on the daily chart, 19,540.
