NQ Guideline For Thursday

A large down-trending day for NQ on Wednesday after two days of consolidation, it started with a huge gap-down open below key 50-DMA on the daily chart.

With such a large down day and breaking important technical support such as the 50-DMA on the daily chart, we could see another large down day on Thursday as those on the long side of the market get liquidated if they are not able to meet margin call.

If so, NQ would continue to trade below Wednesday low, with the next strong technical support at 18,775-18,950 prior swing high.

If NQ can stay above Wednesday low we can expect a sideways consolidation price action before it trend down again.

NQ Guideline For Wednesday

A narrow range sideways trading action for NQ on Tuesday, the second consolidation day following day or large selloff days.

Overnight NQ had sold-off more than 150 points, an indication NQ is ready to trend again on Wednesday, breaking below its 50-DMA on the daily chart, with the next downside target at 19,240 technical support from previous swing high in May 23rd.

And if that support is violated, the next lower technical support is at 18,800-19,000 technical support from previous swing high in February and March 2024.

Key intraday support is at 19,630. 

Above it, NQ will remains in consolidation sideways mode.

Below it, NQ is in trend mode down

Negative TESLA earning is bearish on the market.

NQ Guideline For Tuesday

On Monday NQ finally consolidate after three consecutive down day, an indication that this current down-move is very strong. 

The bounce from Friday low was from its 50-day moving average on the daily chart. As such we should see 2 to 3 days on consolidation before trending back down again and then breaking below its 50-DMA.

However, due to the nature of the current decline, it is still possible that Tuesday will be another trending down day.

Key inflection price level for NQ on Tuesday will be at 19,940, bullish above, with upside target at 230,100-20,200

Bearish below 19,840, downside target at 19,700, with potential support at 19,780 and 19,850

NQ Guideline For Monday

Friday was the third down day in a row following a huge gap-down open on Wednesday last week. As such it is reasonable to expect the market to consolidate sideways or rally on Monday. 

Key intraday price level for NQ on Monday will be at 19,630 as support and 19,780 as key resistance.

Bullish above 19,780 with first resistance at 20,015, and bearish below 19,630 with first support at 19,375

US President Biden has announce over the weekend that he is dropping out of the Presidential race. His decision could significantly affect market action on Monday and going forward.

NQ Guideline For Friday

Another large down day for NQ on Thursday as market participants caught on the wrong side had to exit. NQ tanked hard in the morning before trading sideways and rallied at the end of the day as shorts took profit.

With the low of the day just slightly above strong intraday support coming in from a combination of 50-DMA & double-bottom we could see NQ either rally due to shorts taking profit or simply trade sideways in consolidation pattern.

Key support is 19,700 and resistance is going to be between 20,000 - 20,270

NQ Guideline For Thursday

A large gap-down and trend down day for NQ on Wednesday. NQ was down over 600-points from prior day close.

Thursday is likely a consolidation type of day. However, with such large down day on Wednesday, many traders caught on the wrong side of the current move may be forced to top-up their margin or get liquidated by their brokers. As such we could see another large trending down day on Thursday.

The next lower support is 19,700, double-bottom & the 50-dma on the daily chart. We could see a bounce from it but the market could easily slice through it to the downside.

Ket intraday price level for NQ on Thursday will be at 20,000, bullish above, and bearish below it.

NQ Guideline For Wednesday

Tuesday was the third consecutive consolidation day following a large down-day on Thursday last week.

NQ had a lower high and a lower low on on Tuesday, a bearish configuration, likely setting up a resumption of a downtrend, a high probability on Wednesday.

If so, NQ should stay below 20,600 key intra-day inflection price level for Wednesday, and push lower.

Strong support zone resides in the ares around 20,270-20,370 price zone, support coming from prior swing high and 20-dma on the daily chart. 

A break below would cause massive selling activities, with the next strong support at 19,700

NQ Guideline For Tuesday

Another sideways consolidation trading pattern for NQ on Monday, the second consecutive consolidation day following a large down day on Thursday.

On Tuesday we could see another non-trending day, the location of the consolidation will depends on where it trades in relation to its key inflection price zone, for Tuesday that zone will be at 20,600.

Bullish above 20,600 with upside target above 20,800 to 20,900.

Bearish below 20,600, with first support between 20,270, to 20,370

NQ Guideline For Monday

 A wide-range consolidation pattern for NQ on Friday following a large sell-off day on Thursday.

With such a large downtrend on Thursday it could take more than a day to consolidate the large downtrend. If so we could see another sideways day on Monday.

However+, with such a massive selling on Thursday we could also see a trend down day again on Monday

Key intraday inflection price zone on Monday will be at 20,660, bullish above, bearish below it.

NQ Guideline For Friday

Lower than expected CPI reading on Thursday, signalling economic weakness, triggered massive selling in tech stock and massive buying in precious metal particularly gold, as many investors are expecting more aggressive Fed rate cut.

NQ dropped over 500- points, that a hiuge drop, erasing more than four day of gain. With many investores so highly leverage during the current parabolic upmove in stocks, we should see more selling to come , whether it is  on Friday or not until next week, it is difficult to know.

Key support for NQ on Friday is 20.270, it should be a strong support level, coming from a combination of prior swing high on June 20th and the 20-dma on the daily chart.

Should that level is violated we could see massive intraday liquidation drop of 500 points or more as trailing stop-loss get triggered.