As we enter in to a new trading week the Nasdaq is experiencing a pullback due to the US credit rating being downgraded over the weekend by MOODY’S however many in the space are downplaying the significance of this so it will be interesting to see how the market reacts during the New York session.
Trading Plan
The main question today will be how NY responds to the news announced over the weekend, will this be a minor pullback which will be quickly bought back up or will we see a larger pullback on the HTF. As traders its important we have a plan for both sides of the market so we are able to react regardless of direction of price.
Todays levels of support for the Nasdaq where price may, or may not give a reaction are:
- 21,078 – Untested daily value, single print, aPOC, Previous Week VAL.
- 20,790 – Untested daily value, aPOC.
- 20,145 – Untested weekly value, gap fill.
Todays levels of Resistance for the Nasdaq where price may, or may not give a reaction are:
- 21,430 – pdPOC, aPOC.
- 21,529 – pdVAH, PW High, Poor highs clean.
- 21,665 – Untested daily and 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.