Technical Recap (NQ) – 10/15/2021

NQ 120-min

● On the 120-min chart, the near-term uptrend that began with NQ on 10/4 has held and is now at the top end of that channel.

● Key support/pullback levels to watch early next week are 15000 (50% Fib retracement, SMA 20), 14876 (38% Fib, SMA 200, SMA 50) and 14680 (bottom of near-term channel, 23% Fib).

● 3/10 oscillator continues to favor the uptrend.

NQ daily

● Uptrend channel continuing to hold here too.

● The play between SMA 20 and SMA 50 currently not actionable unless we see a break below the lower end of the channel and the SMA 200 at around 14000 (we also look for moves towards a crossover for long/short trades); however, a break below 14K at this point is becoming less likely as we move into what are historically bullish months through the end of the year.

Technical Recap (NQ) – 10/8/2021

NQ 120-min

Observations:

● NQ has been bumping up against SMA(200) resistance since mid-Sept

● It hit 15K psychological resistance level yesterday and again today

● Odds are increasing that we’ll revisit 14,700 level (50 SMA and 23.6% Fib retracement) especially given another double top (similar to 9/24-9/26), but…

● Weakening momentum (3/10 oscillator) is saying that the bottom (14,367) may be in through the end of 2021

● However, it’s possible that we could see one final near-term (5th EW) leg down below the 14,367 low from Monday, but it most likely wouldn’t be much below 14K.

NQ daily

● NQ daily chart remains in an uptrend channel that began over a year ago.

● If a break below 14,367 happens, look for the SMA(200) to hold support.

● Waning downward momentum on the daily chart currently looks bullish.