The Nasdaq continues to show strength, the daily chart below shows we are continuing to move up very bullishly and focusing on longs should give the best trading results currently.
Today I will continue to focus on longs, mainly going with momentum trades.
Trading Plan
The daily open was in the upper quartile of the previous days range and as per our statistics the pdHigh is a target. This trade has already played out with pdHigh being taken followed by a rejection at a untested value are high.
Strong impulsive moves as we have seen on the NQ do not leave areas of support behind, therefore drops can be large is local support is lost.
Todays levels of support for the Nasdaq where price may, or may not give a reaction are:
- 20,078 – pdVAL, aPoc and pdEQ.
- 20,791 – Untested value, aPoc.
Todays levels of Resistance for the Nasdaq where price may, or may not give a reaction are:
- 20,638 – Untested daily value,
- 20,660 – Untested weekly value.
High Impact News events to be aware of:
- None
The above levels are intended as areas of interest only, they are not in anyway financial advice and a valid entry trigger, stop loss placement and target needs to be considered before entering any position.