Yesterday the NQ retraced the opening impulsive candle and back tested the previous month value area high and previous week equilibrium. Price has since moved upwards towards the high of the range.
Today we can be looking for longs on pullbacks to resistance targeting range highs but bearing in mind data releases can change context during the day.
Trading Plan
The weekly opened in the upper quartile of the previous weeks range, therefore statistically speaking a new weekly high could be expected this week.
On the daily time frame, price opened within previous day balance, has taken the pdHigh and is now building value about pdVAH.
Todays levels of support where price may, or may not give a reaction are:
- 19,977 – pdVAH.
- 19,940 – pwVAH, dOpen, anchored vWAP pulled from yesterdays lows.
- 19,799 – pdVAL
- 19,594 – Untested Value, Support Resistance Zone.
- 19,500 – Naked daily POC, pmPOC (Previous Month Point of Control), PwPOC (Previous Week Point of Control), 0.66 Fib.
Todays levels of Resistance where price may, or may not give a reaction are:
- 20,276 – Untested Value, pwHigh sweep taking liquidity.
- 20,336 – Untested Monthy Value.
News events to be aware of:
- 13:30 GMT – Jobless Data.
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.