A sideways non-trending day for NQ on Friday as most market participants are out of the office unri8l the new year.
On Monday NQ intraday support isd 21,688 and resistance is 21,800.
The daily chart is showing a likely NQ likely dropping back down to 21,300
Thursday after Christmas, with most market participants out of the market we could see light trading volume, and with market swing that will be unpredictable, fast moves or slow moves.
On the 60-minute and 5-minute intraday timeframe both were in very overbought condition which can cause sharp pullback down to releive its overbought condition.
Key support on Thursday will be at 21,800 and resistance at 22,150 - 22,250
As usual, a sideways price action for NQ on Friday, with rally in the morning and choppy downswing in the afternoon.
On the 5-minute chart and the 60-minute chart, the pattern looks like it is setting up for another rally leg on Monday, depending on where it trades in relation to it inflection price level, 21,650, bullish above, bearish below it.
With most large traders and investors out of the office for the Christmas holidays we could se another non-trending day on Monday.
A sideways consolidation day for NQ on Thursday following a massive sell-off on Wednesday following the Fed policy decision.
Friday could be another sideways day as Friday tends to be a choppy sideways day. However, giver the damaged don on Wednesday Friday could be another intense selling day.
Key support is at 21,300. A gap-down below or a sustained break below could trigger another rounds of liquidation
On Wednesday the Fws cut interest rate by 0.25% as expected but signalling no more cut in 2025. The the financial market pricing in numerous rate cut in 2025, the Fed on Wednesday was a disappointment, the stock market sold off hard even before the new year, a very bearish signal indeed.
NQ dropped down over 1,100 points on Wednesday, the low was at key support, the 30-ma on the daily chart and prior swing high from November, 20,300. It should have a strong bounce from support.
However, if strong support is violated on Thursday we can see another crash with the next strong support not until 20,000, thats a 1,400 points drop from Wednesday's low.
A sideways price action for NQ on Tuesday following an up-trending day on Monday and ahead of the FOMC decision on Wednesday.
The market has priced in a 0.25% rate cut on Wednesday. Unless there is a surprise we should not see much change in the market sentiment.
On the daily chart, NQ is in overbought territory thus vulnerable to a sharp sell-off.
Key intraday inflection price zone for Wednesday will be at 22,300 (March contract), bullish above, bearish below it.
A sideways market action on Friday. Ahead of the FOMC meeting this coming week the market is likely to continue to trade sideways.
Key support is now 21,700
NQ traded sideways in a very narrow range on Thursday, with a close below key support 21,670. Friday could be a trending up day if NQ can trade back above 21,670 then trade above Thursday swing high 21,750
Below 21,670 we couls see continued choppy sideways action
Up-trending day for NQ on Wednesday. As such we could see a sideways day on Thursday. If so, we should see NQ trading below Wednesday swing high, first support is at 21,670. Second support is at 21,570.
Although a lower probability, trading above Wednesday swing high can generate another trending up day as the short would be forced to cover., with 22,000 as a reasonable upside target.
Another sideways action for NQ on Tuesday. Wednesday could be similar sideways action as there is no setup for a trending day.
Support is 21,300 and resistance is 21,650.
