Be mindful of the calendar: the jobs report is out at 8:30, and the Fed's Logan speaks at 10:00.
The major resistance is 31,009. Overnight, price pushed up into it and got turned back. The next level below is 30,913, and price is sitting right on top of it with the VWAP.
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. They are graded after the close by fixed rules, whichever way they go.
| Level | Role at the open | Result | What price did |
|---|---|---|---|
| 31,009.61 | drawn | after the close | |
| 30,913.80 | drawn | after the close | |
| 30,776.07 | drawn | after the close |
The plan
On the one hour the trend is still up and price is holding support at 30,913. There is a new trend line drawn under the one hour, and on the six minute I'm looking for a bounce off it, which may be happening right now.
Two outcomes, especially around the 8:30 number: 1. It bounces and continues to the upside, back to 31,009. 2. It breaks below 30,913 and the VWAP, and comes all the way back down to 30,776.
A level is a reference drawn in advance, not a forecast.
In the video
- 0:00Friday: a bull flag, NQ up about 160
- 0:15The jobs report at 8:30, Logan at 10:00
- 0:26Major resistance 31,009, then 30,913
- 0:39The one hour: still trending up, holding support
- 0:56A new trend line under the one hour
- 1:26The six minute: looking for the bounce
- 1:36Back to 31,009, or down to 30,776
- 1:53Questions, and ciycapital.com
Short clips from this prep
The prep is free every trading morning, with the levels drawn before the open. Get it here.
Trading education only. Not financial advice, not a signal, and no promise of any result. Full disclaimer.