NQ Guideline For Tuesday

Following two consecutive large rally days on Thursday and Friday last week NQ paused and traded sideways with a slightly bullish bias on Monday.

Monday being the 3rd up days in a row, we could get one more up day on Tuesday, or a reversal day on Tuesday. Key level to watch on the daily chart will be 14,000 support and 14,450-14,500 resistance

On the intraday 5-minute chart, key line-in-the-sand is at 14,150, bullish above it with the next resistance at 14,300 then 14, 450-14,500, bearish below it with critical support at 14,000

NQ Guideline for Monday

Massive short squeeze rally on Thursday and Friday last week. But without real genuine buying the market should sell-off again this week. 

The buy programs that triggered the short-squeeze last week  is certain to continue simply because the central banks can just print money to fund the buy programs.

Whether or not they can continue to push the market higher this week only time will tell. 

Key price level to watch will be at 14,000 as line-in-the-sand, bullish above it with the first resistance at 14,500, and bearish below it with key support at 13,700.

A sustained breakout of the 13,700-14,000 price range is likely to trigger fast moves out of the range.

NQ Guideline For Friday

Massive buy programs was triggered right at the open to avoid a catastrophic crash. Whoever did it probably spent trillions of dollars to buy everything up.

With the Ukrainian war in progress the buy programs is likely to continue on Friday. The question is, how much are they willing to spend. Not knowing the answer in advance, we can us price level to determine our bull/bear bias.

Key price level to watch on Friday will be at 14,000 zone. Short-covering to continue above it which will help the buy programs, with the next resistance at 14,500 then 15,000 if 14,500 is broken.

Selling will resume below 14,000 which will go against the buy programs.The day low today was clearly wave 5 down on the daily chart. Whether or not that low needs to be retested we just have to wait.

NQ Guideline For Thuirsday

A bearish day again for NQ on Wednesday. NQ crashed below 13,700 key double-bottom support on Wednesday. 

Overnight the sell-off has continued. If the Fed does not come to the rescue by the open we could see massive crash as margin call selling hit the market.

Again key line-in-the-sand for NQ on Thursday will be at 13,700, bearish below it, with the next major support at 12,200-12,400 provide by prior consolidation high from September to November 2020. A crash could cause NQ to drop down to that support and /or crash through it.

NQ Guideline For Wednesday

NQ traded sideways above key support level, 13,700. Stop-losses for those who went long at just above 13,700 double-bottom support will reside just below 13,700.

For those who were still holding short position, a failure to break below 13,700 could trigger some profit-taking (buying) activities that could catapult NQ back up and trigger some short-covering activities to force NQ back up to retest key resistance at 15,000

A sustained break below 13,700 could cause a mass exit and reverse short trades capable of tanking NQ down to the next support level, 12,000 - 12,200 in a very short time. 

NQ Guideline For Tuesday

The financial market was closed on Monday for the Washington's birthday, and will resume on Tuesday.

Last Friday was a very bearish day for NQ even with a large rally mid afternoon from the options expiration buying activities. Selling resumed late day into the close.

Key price zone line-in-the-sand going into this week will be the low in January at 13,700..

A violation of the low could easily trigger a very heavy selling. Although there may be some sharp pullbacks, a sustained break below 13,700 could quickly tank NQ down hard. If so the next downside target is support zone between 12,200-12,400, previous swing high from September -  November 2020 swing high.

If on the other hand, somehow wave 4 (see chart) has not ended, we could also see a sharp bounce off the 13,700 support

NQ Guideline For Friday

With large options expiration happening on Friday we could expect to see a choppy sideways type of day on Friday. 

There will be a lot of buying from options expiration activities. As long as there is not too much forced selling from margin call we could see a rally with key resistance at 14,400-14,500

Key support is 14,000 for NQ. and NQ needs to stay above 14,000. A break below 14,000 could cause heavy selling

NQ Guideline For Thursday

On Wednesday NQ opened with a small gap-down and then quickly dropped down to support. NQ then spent most of the morning session and lunch period and early afternoon session trading sideways just above support before rocketing back up after the release of the Fed minutes.

In after hours trading NQ has dropped back down to support. at 14,470. If NQ should break below 14,470 the next lower support is at 14,400. If that should break then we could see some heavy selling. 

NQ Guideline For Wednesday

A big opening gap-up for NQ on Tuesday. However, with not many buyers except for the short-covering, the rally was small and very choppy. If there is more shorts that has to cover we could see another rally day for NQ on Wednesday.

Key intraday line-in-the-sand for NQ on Wednesday will be at 14,600, bullish above with the next resistance at 15,000, and bearish below it. with supports at 14,400

NQ Guideline For Tuesday

Following two large down day last week Thursday and Friday, Monday was a sideways consolidation day. 

There is a 50/50 chance that NQ would trade sideways again on Tuesday. Key resistance is 14,400. NQ is bearish below 14,400 and bullish above it, and may cause some short-covering above 14,400 with the next resistance at 14,500.

Intraday line-in-the-sand is 14,250 area, bullish above it, bearish below it