The structure has not changed all week, which is why no new levels were drawn today. Price shot up Wednesday, pulled back Thursday, then shot up again to tag 29,699. A trend line drawn on Tuesday is still being respected, and price is sitting slightly above VWAP.
The daily is a bull flag with an indecisive candle working on the previous day's high, and there was a small rejection there. On the five minute, price rode VWAP with volume, sold off around 8:30 without a news catalyst, pinned off the trend line and broke back out.
This video does not predict where NQ goes. It maps the levels and the conditions that would grade the move.
THE LEVELS 29,699 is resistance and the all-time high. Price is pressing into it. 29,660 is roughly where price is trading. VWAP sits just underneath, with price slightly above it. The trend line from Tuesday is the diagonal that has held all week.
WHAT WOULD CHANGE THE READ Holding above the trend line and VWAP keeps 29,699 as the level to test at the open. Consolidating here could mean a pullback to the trend line before another attempt. Losing the trend line is the condition that invalidates the setup.
TODAY'S CALENDAR Chicago PMI at 9:45 AM ET. A Fed speaker at 10:00 AM ET. Expect volatility around both.
TIMESTAMPS 0:00 Where NQ opens and the calendar 0:27 The bull flag on the day and the indecisive candle 0:44 Why no new levels were drawn 0:51 Resistance at 29,699 1:01 The one hour and the triangle 1:24 The all-time high 1:32 The Asian session and the trend line from Tuesday 2:06 The five minute view 2:42 What would invalidate it
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