The overnight structure is straightforward. Price opened bullish, sold off, filled part of the gap it had left, then ran back up off major support at 29,481. It is now pressing on 29,522 with what looks like a double bottom underneath.
Yesterday closed as a doji and today is shaping into a stronger one to the upside. Two indecisive closes in a row means the tape has not chosen, which is exactly why the level matters more than the opinion.
The levels drawn on Sunday are still being respected inside the range, so nothing was redrawn today. That is the point: a level that keeps working does not need replacing.
This video does not predict where NQ goes. It maps the levels and the conditions that would grade the move.
THE LEVELS ON THE CHART 29,541.20 is VWAP, just above price. 29,522.00 is the level price is holding right now. 29,481.00 is major support underneath, where the bounce came from. 29,392.10 is the purple level below, the target if the rest of the gap fills. 29,385.50, 29,323.20, 29,192.20 and 29,103.00 are the levels carried down from earlier in the week.
WHAT WOULD CHANGE THE READ Holding 29,522 keeps price working up toward VWAP and the range above. Losing 29,522 opens the rest of the gap and puts 29,392 in play. 29,481 is the line that turned it once already. A second test there is worth more than the first.
TODAY'S CALENDAR Jobless claims at 8:30 AM ET. This is the event of the morning. Expect volatility into and immediately after the print.
TIMESTAMPS 0:00 Where NQ opens and what it is up on the day 0:12 Two dojis in a row and what that means 0:21 Why none of the levels needed redrawing 0:43 The overnight gap and how much of it filled 1:09 Major support at 29,481 1:27 The condition at 29,522 1:36 What a failure there opens underneath 1:52 The five-minute view and jobless claims at 8:30
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