A very narrow range trading action for NQ on Friday as most investor were off for the long Easter weekend holidays.
The narrow range is setting up for a big potential move on Monday, the direction will depends on where it trades in relation to its key inflection price level, which for Monday is at 18,500, bullish above, bearish below it.
On the daily chart the pattern is showing a likely breakout to the upside. which target a break above 18,700 swing high.
Wednesday was the 5th choppy narrow-range down days in a row since making the high on March 21st. With Friday as a holiday for Easter we could see the shorts covering their position ahead of the long weekend. If so we could see some short-covering rally.
Key inflection price level to watch for Thursday is at 18,500, bullish above, with upside resistance at 18,620 and 18,700.
Below 18,500 NQ is bearish, with supports at 18,460, 18,375 and 18,300
Another choppy narrow-range sideways market action for NQ on Tuesday as NQ remains inside a trading range between 18350 support and 18,650 resistance.
NQ would need to break above 18,650 to trigger some short-covering rally, or break below 18,350 to sell-off. Until then NQ should continue to chop around.
A narrow trading range for NQ on Monday as it is still stuck between 18,350 support and 18,650 resistance. NQ would need to break out of the range to trend.
On the intraday basis, key inflection price level for NQ on Tuesday will be at 18,550, bullish above it, with first resistance at 18,650-18,700
Bearish below it with supports at 18,350-18,380 and then 18,300.
A sideways consolidation pattern for NQ on Friday, setting up a high probability large trending move on Monday, up or down.
Key inflection price level for NQ is at 18,560, bullish above, and bearish below it.
On the 60-minute chart, NQ looks ready to drop down to 18,300, with first support at 18,380. To do so NQ would need to drop below 18,485.
If NQ should trade above 18,560 we could still see NQ rallying back up to its next upside target of 18,850.
A gap-up open for NQ on Thursday. After breaking above prior high, instead of rocketing up, NQ reversed sharply down. It was a reversal day for NQ on Thursday.
The price action is not bullish, and likely topping here. If the reversal continues on Friday we could see NQ trading down to its next supports, 18,485 and then 18,380
Key inflection price level for NQ on Friday is at 18,620, bullish above it, bearish below it.
The unexpected dovish FOMC announcement on Wednesday, signalling rate cut sooner that widely expected, triggered buy programs after the announcement caused a large rally.
The rally may continue in the morning on Thursday. For NQ its intraday support is at 18,500, with key resistance at 18,685, the recent swing high..
Should NQ breaks above 18,685, we could either see massive spikes or sharp reversal. As such, 18,685 will serve as key price level for NQ on Thursday.
Key support is at 18,500 and key resistance at 18,685.
On Tuesday NQ opened with a gap-down. Then after dropping down to support, it rallied up to resistance, 18,290, before trading sideways into the close.
18,290 prove to be a formidable resistance on Tuesday as NQ tried multiple times trying to break above it and failed.
18,290 will be a great inflection price level to use for Wednesday, bullish above with upside target at 18,500 or higher.
NQ is bearish below 18,290, first support is 18,000.
Wednesday is FOMC decision with no expected change in policy, so there may not be much reaction to their announcement.
On Monday NQ opened with a huge gap-up. After a brief rally, reversed and trend down all day, down to support at 18,200, which is key inflection price level for Tuesday.
Bullish above 18,200 with resistance at 18,400. Bearish below it, with first support at 18,000, which it should break.
A clear and sustained break below 18,000 is an indication the pullback will be larger that usual, with the next support at around 17,400, December 2023 swing high, now support.
On Friday NQ opened with a gap-down below prior day low and then traded down to strong support zone at 18,000, prior swing high (resistance) from January 24th 2024, now support.
It is likely NQ would get a bounce from 18,000 support. How much is a bounce depends on if it can break above resistances.
The first resistance levels are 18,100, then 18,200, then 18,300-18,400.
Trading below 18,000 is very bearish as the next major support is not until 17,380.
