Another choppy narrow range sideways type of day for NQ on Friday. NQ needs to break out of the 13,400-13,800 to trigger a wide-range trending day. Until then we can expect NQ to remain in a choppy and narrow-range type of pattern.
On Tuesday, key line-in-the-sand is 13,710, support at 13,500-13,570, resistance at 13,800
Another choppy and narrow-range trading pattern for NQ on Thursday, trading just below strong resistance, and not able to break above resistance.
NQ either has to break down to support to get it out of the current narrow trading range, or breakout above resistance and trigger short covering. It could happen tomorrow, but it does not need to happen especially on Friday when market tends to be choppy.
Support is 13,670, and resistance is 13,720, a 50-point range.
NQ traded sideways again in a very narrow range on Wednesday. Until we get a decent pullback decline it may just continue to remain choppy unless it can clearly breakout above 13,800 and triggers massive short-covering.
Until then, NQ may just continue to slowly rally up and up or drop down sharply below support, now at 13,360
On Tuesday NQ traded sideways as expected following a trending up day on Monday. A sideways day is a set-up for a big move, likely to hapen on Wednesday.
Key line-in-the-sand for NQ on Wednesday will be at 13,600, bullish above and bearish below it.
If NQ should rslly on Wednesday, with NQ already in overbought zone on the 60-minute time frame, It is likely that NQ rally could get reversed if it rally to 13,750-13,875 zone quickly.
Opening below 13,600 is bearish, with lower supports coming in at 13,400-13,450
On Monday NQ opened with a huge gap-up, and then trend up all day with a small profit-taking selling at the end of the day, setting up a high probability non-trending day on Tuesday.
Key line-in-the-sand for NQ in the morning on Tuesday will be at 13,670, bullish above, target higher high before reversing back down
Bearish in the morning if open is below 13,670. If so, the downside supports comes in at 13,660 and 13,480 before rallying back up.
On Friday NQ opened with a gap-up above Thursday high, but then reversed and trend down all day into the close.
With the closing price sitting just above key support of 13,400, we could see NQ either rallying back up to a higher high above Friday high if it open and stay above 13,400, or trend down to to support if the open is below 13,400.
Downside targets and supports are 13,175-13,225
As expected, NQ opened with a huge gap-up and then trend up all day with a small profit-taking decline at the end of the day.
Key line-in-the-sand for NQ on Friday will be at 13,480. Staying above 13,480 is an indication NQ is going to trend up again for the second day in a row, although the probability of that happening is low since Friday tends to be a choppy sideways non-trending day.
Trading below 13,480 implies sideways consolidation type of day, with lower support at 13,400-13,420. Trading below that is bearish with lower target at 13,250.
On Wednesday NQ opened with a huge gap-down to support at 13,000 then spent all day in a choppy rally back up to key resistance at 13,240 which will serve as key line-in-the-sand for Thursday. At the end of the day on Wednesday, the pattern looks set to break above 13,240 and go up to 13,400
If NQ again failed to break above 13,400 for the third time, it is an indication that NQ is going back down in a very fast mode, Lower target are 12,800 then 12,400.
On Tuesday NQ opened with a gap-up, and then rallied up to resistance before reversing and then trend down most of the day, closing at the low of the day, above key support
NQ is now trading in between resistance 13,400 and 13,140 support for the last three days. Going forward, a break below support or a break above resistance is likely to trigger a large trending move in the direction of the break.
Lower supports are 13,000 then 12,800, Higher resistance is at 13,700
A choppy consolidation day on Monday as we expected after a trending day on Friday. Now that NQ has consolidated the large trend day, at the end of the day on Monday NQ looks ready to trend back up again with a trending day pattern on Tuesday..
There is a very strong resistance at 13,400-13,420 that could pose a problem for NQ on Tuesday. In order to have a trending up day, NQ would need to break above 13,420 and then stay broken in order to trigger short-covering.
If so, the next target and resistance is 13,600-13,700.
