The calendar is busy: Fed speeches at 9:15 and again at 9:30 right as the market opens, the Conference Board leading index at 10:00, and the Baker oil rig count at 1:00. Hit or miss individually, but any one of them can be the catalyst.
Yesterday's candle was extremely bullish and today opened above it. Price is approaching the wall but still has room to run, so the levels get reset: a resistance on the weekly at a candle's open, and a projected target drawn with the horizontal ray at a candle's close. That target is 30,076.
The one hour shows the trend line from yesterday and price staying inside it, bouncing to the upside into support at 29,854, consolidating there, and then breaking that support. Right now NQ is sitting on the VWAP and breaking the trend.
This is trading education, not a signal or a promise.
Levels drawn before the open
Every level below was drawn on the chart before 9:30 ET and checked against the price axis. Each one was graded after the close by the same fixed rules, whichever way it went.
| Level | Role at the open | Result | What price did |
|---|---|---|---|
| 30,076.50 | resistance | not reached | never within 5 pts; closest 138.75 pts away |
| 29,774.25 | support | broke | reached 09:50 ET, a 5-min close 46.00 pts through at 10:00 |
| 29,694.25 | support | broke | reached 10:15 ET, a 5-min close 21.50 pts through at 12:20 |
Session 09:30-16:00 ET: open 29,814.00, high 29,937.75, low 29,659.25, close 29,915.75. Reached = traded within 5 points. Broke = a 5-minute close more than 10 points through after reaching it. Held = reached and never broke. Support or resistance is set by where the level sat against the opening price. A level is a reference drawn in advance, not a forecast, and a held level is not a trade result.
The plan
The major support underneath is 29,774. A bounce there puts the reclaim on the table and 30,076 back in range. A failure there means 29,694 is the next level to be taken out. The five minute shows the same picture: the same level, the same continuation, and it looks like it wants to come down. Both branches were drawn before the open.
In the video
- 0:00Friday open: NQ up, trading around 29,800
- 0:07The calendar: Fed speeches 9:15 and 9:30, CB leading index 10:00, oil rig count 1:00
- 0:45Yesterday's bullish candle, and opening above it
- 1:05Resetting the levels: a weekly resistance at a candle's open
- 1:32The projected range, and drawing the target with the horizontal ray
- 1:44The target: 30,076
- 2:03The one hour: yesterday's trend line held
- 2:19Support at 29,854, the consolidation, and the break
- 2:31On the VWAP and breaking the trend
- 2:37The major support underneath: 29,774
- 2:43Bounce and reclaim toward 30,076, or take out 29,694
- 3:04The five minute: same level, same continuation
- 3:20Questions, and the candlestick game
Short clips from this prep
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Trading education only. Not financial advice, not a signal, and no promise of any result. Full disclaimer.