A choppy sideways trading action for NQ on Monday.
The current setup is for another sideways trading action on Tuesday with key inflection price zone at 20,200.
Support is 20,000 and resistance is 20,400
A narrow-range choppy pullback down-day for NQ on Friday, with the low of the day down to key support level, 20,200.
20,200 is key support for NQ on Monday. Staying above it implies NQ is going to rally back up to the high, 20,500, but trading below it could cause a sharp drop to the next lower support, 19,900.
A large gap-up open for NQ on Thursday but it tanked to support, instead of trending up.
On Friday NQ is likely to stay inside the Thursday trading range between 20,500 resistance and 20,200 support.
Another very narrow-range choppy consolidation pattern for NQ on Wednesday. Overnight NQ has rallied over 200-points from the close.
If the rally can stay at current level into the regular session trading hours we could see a large gap-up open that is then followed by a trend up. If so w3e could see a huge rally on Thursday.
A normal target for the rally would be around 20,900, double-top July swing high.
Trading back below 20,200 is bearish.
Another sideways consolidation day for NQ on Tuesday. At the end of the day the pattern is indicating imminent breakout and trending up day on Wednesday. However, the market has been shopwing bearish signal in overnight trading.
Key level for NQ to break on Wednesday is at 20,200 resistance. A sustained break should cause a trend-up day. Failure to break isd bearish.
With Wednesday as the 4th consolidation day NQ would need to trend up. Failure to breakout is an indication NQ would need to pullback to lower level before trending back up again, that is if key lower support, 19,900 holds.
A very narrow-range choppy consolidation day for NQ on Monday, the second consecutive day in a row following a large up-trending day on Thursday last week.
The is a good possibility on Tuesday, being a third consolidation day that NQ may trend up. To do so NQ should trade above Thursday swing high, and pushes higher, with the next upside target at 20,500-20,600
There is also a good possibility that NQ may still need to drop lower to re-test support at 19,900 before trending up again.
A narrow-range sideways consolidation day for NQ on Friday. Monday trading pattern will depends on whether or not consolidation has ended.
If consolidation has ended NQ would then trade above Thursday swing high and trend higher. If so the next normal upside target is 20,600 area.
If consolidation is still in progress NQ should stay below Thursday swing high, below 20,200.
Intraday inflection price for NQ on Monday will be at 20,000, bullish above, bearish below it, with ky support at 19,900.
War in the middle east may keep the market from trending up on Monday.
A large opening gap-up and trend up for NQ on Thursday morning the continue into early afternoon and early afternoon before reaching its upside target and then pullback down.
It looks like the pullback down is not complete with its downside target at around 19,900 support, which may be a strong support for NQ on Friday. If so we can see NQ trading range-bound with 19,900 support and 20,150 as resistance.
A sustained break above Thursday swing his is an indication short-covering is still in progress, If so we can see another trending up day on Friday.
Bearish on a break below 19,900
A very choppy sideways market action on Wednesday as market participants were fairy balance between the bulls and the bears.
Technical pattern is showing bullish configuration. Overnight NQ has rallied over 300 points. If the rally can stay up as the market opens on Thursday we can see massive opening gap-up and has the potential to trigger massive short-covering rally.
If so, we can see NQ rallying 600 to 700 points from the close on Wednesday, upside target to over 20,000 on the September contract.
Key support is 19,650, bullish above, bearish below it.
Another narrow-range choppy price action ahead of the FOMC decision announcement on Wednesday.
On The daily chart of NQ the pattern is showing a potential large trending move out of the current price zone, NQ could go 2,000-3,000 either way without much pullbacks.
As such NQ upside move target is a break above 21,000, with final target at 24,000.
The downside target will be below August low, to 16,000.
The current technical pattern for NQ is very bullish, we have an inverse head & Shoulder pattern. A trigger will be a break above the August 22nd swing high, , 20,100. A dovish Fed announcement on Wednesday would support a bullish breakout.
Key inflection price zone for NQ is around 19,400, bullish above, bearish below it.
