NQ traded sideways on Thursday, between support at 14,000 and resistance at 11,660. Key level for NQ on Friday will be at 11,400, bullish above it, berish below it.
Friday trading going into a long wekend tends to be choppy sideways, and often non-trending. anything is possible on Friday, but 11,400 will be key inflection price level.
Following a huge down-day for NQ on Tuesday NQ traded sideways in a narrow trading range on Wednesday, setting up for another large down day.
Whther or not NQ will trend down on Thursday will depends on whether or nopt consolidation has ended. Once consolidation has ended it will trend back down again with a huge down day.
Key price level to watch for on Thursday will be at 11,550, Bullish above and bearish below it.
If NQ should trade below 11,550 on Thursday and if it could remains below that level, we could see a huge down day, with the next support level at 11,060, double-bottom with June 16th swing low, and NQ have have to break below it before consolidating sideways again.
Also watch out for a falsebreak below 11,550 that could be followed by fast and large intraday reversal-up move.
A large down day for NQ on Tuesday. It looks like the downtrend might have resumed and that the pullback-up move has ended. Monday was the 7th pullback-up days from the low for NQ, and it was a reversal day.
A large down day during a usually bullish preiod going into the long weekend is an indication the stock market is in deep trouble.
With NQ closing below key support, 11,750, NQ would need to trade back above 11,750 to stall liquidation selling.
Thus key inflection price level for NQ on Wednesday will be at 11,750., bearish below it and bullish above it.
A pullback-down day for NQ on Monday. The stock market may just continue to trade sideways into the long weekend as most large traders are out of te office.
Key inflection price level for NQ on Tuesday will be at 12,040. With market makers determine to keep the market trading sideways or rally until the end of the month for options expiration, we could continue to see sideways market.
A breakout day for NQ on Friday as the short-sellers were forced to exit. As the long weekend holidays looms, and as most large traders would be on holiday and out of their office, in a low volume trading environment, we could see the shorts continue to exit their position, thus cause the stock market continuing to continue rally.
As long as NQ does not break key support level we could see continual rally all week next week into the long weekend.
For Monday, key support level will be at 11,850. As long as any pullbacks does not violate 11,850 the rally should continue. The next resistance is at ..12,280-12,300
NQ remained inside its 7-day trading range on Thursday but has clearly broken above it in overnight trading. If NQ should open above 11,780 we could see short-covering rally. If so the next resistance is around 12,000.
Intraday line-in-the-sand tomorrow will be at 11,640, bullish above it, first resistance is 11,850 then 12,000.
Another choppy sideways trading action for NQ on Wednesday. NQ has been trading inside a range between 11,060 and 11,770 for the last seven days, and it may be ready to trend down back again.
NQ could also extend its pullback rally to a higher price before going back down. The next upper price level target is around 12,000.
Ket inflection price level for NQ on Thursday will be at 11,570, bullish above it, bearish below it.
After opening with a gap-up on Tuesday which forced some shorts to cover, after a brief short-covering rally in the early morning, NQ traded sideways to down to close right in the middle of the day range, a neutral close.
On Tuesday the chances of more rally or a selloff is about equal. Key price level to watch for is 11,600, bullish above it, and bearish below it.
Key support at 11,400, which has the potential to cause a bounce. If 11,400 support does not hold we could see more heavy selling.
A choppy sideways trading pattern for NQ on Friday. With the market closed on Monday it would be difficult to forecast what the market is going to do on Tuesday.
The market is in oversold zone on the daily chart and the weekly chart, and may get an oversold bounce perhaps this week before going back down. So far, heavy selling has prevented any big bounce from happening.
Key intraday inflection price level for NQ is at 11,300, bullish above it, bearish below it.
The stock market will be closed on Monday, Juneteenth National Independence Day. The market will reopen on Tuesday
