A sideways trading pattern for NQ on Thursday. Ahead of the long labour day weekend when most major fund managers are out of the office we could see another sideways trading pattern on Friday.
19,530 as resistance and 19,200 as support.. We could see NQ staying inside the range, but anything is possible as most traders are out of the office.
A large down day for NQ on Wednesday. The sell-off continued after-hours following NVDA earning reports.
NQ has dropped down to key support after NVDA earning reports. It has recovered some of the sell-off. As long as 19,150 is not violated on Thursday we should see a bounce, with first resistance at 19,700
A clear break below 19,150 is bearish, an indication NQ is going lower with the next support at 18,900
Another choppy day for NQ on Tuesday, the fourth day in a row, but with a bullish close.
Whether or not it is ready to start trending up again on Wednesday we just have to wait and see. Ahead of the long weekend with most investors out of the office anything is possible.
Key intraday inflection price level is at 19,645, bullish above and bearish below it
A down day for NQ on Monday, the 3rd pullback day since the last high. So far, a very shallow pullback because the normal daily pullback target will take NQ down to around 19,100 or so.
However, given the strength of the current bounce, it may be sufficient for NQ to start trending back up again. On the daily chart, NQ still look like it wants to drop lower.
Key intraday inflection price level for NQ on Tuesday will be at 19,625, bullish above it, bearish below it.
NVDA earning coming up could cause a big move in the market. It may do so before the erarning announcement
A sideways consolidation pattern on Friday following a down day on Thursday. Now that the Fed has announced their intention to start cutting short-term interest rate at the Jackson Hole meeting, the market could starts to trend again.
Technical pattern on the daily chart is showing a potential further pullback down if it can break below strong support zone at 19,675 with potential support at 19,277-19,377, with strong support at 19,100
However, if one pullback day is sufficient to relieve the overbought condition we should see NQ breaking to the upside above key resistance at 19,781. If so, it can rocket up to above Thursday swing high at 20,024. to the next resistance at 20,371
The stock market finally sold-off on Thursday on profit-taking activities ahead of the Jackson Hole speech this weekend by FED Chairman Jerome Powell.
Anything can happen on Friday depending on what the Fed Chairman would say. However, following a trend down day on Thursday wqe could see a sideways consolidation day on Friday.
On the intraday basis, key inflection price level for NQ would be at 19,700, bullish above it, bearish below it. Strong support for NQ is 19,000.
A sideways consolidation pattern for NQ on Wednesday as it bump into overhead resistance at 19,900.
NQ looks ready to go into a pullback down move that could last 2 to 3 days after which it could blast upward with enough momentum to break through resistance.
Key intraday inflection price for NQ on Thursday will be at 19,865, bullish above it, bearish below it with key support at 19,830
A sideways consolidation day for NQ on Tuesday following a trending-up day on Monday. It seems that all we have been getting is a one-day consolidation in between trending day during the current uptrend, perhaps because so many went short after the sharp sell-off.
NQ is still below some resistance, the final resistance, 19,940, if clearly broken could rocket NQ up sharply, with the next resistance at 20,370.
On the intraday time-frame, key support for NQ on Wednesday is 19,740, with key inflection price level at 19,820, bullish above it, bearish below it.
With Iran not expect to strike Israel, we could see massive relief rally ahead, especially if there is a 2 to 3 days pullback before resuming the uptrend.
An uptrending day for NQ on Monday following just one day of consolidation on Friday. NQ is still bumping into resistance at 19,950.
If NQ can break above it we could see NQ breaking out to the upside and breaking above the last swing high from July 11th swing high before a large pullback.
The only risk that cannot be factored-in to the price chart is the escalation of war between Iran and Israel that could cause a spike in oil prices. Then all bets are off, and the market can cascade back down again.
On the intraday basis, key price inflection for NQ on Tuesday will be at 19,750, bullish above it, bearish below it
