There is news at 8:30 AM ET. It is not US news: it is Canadian employment data. What happens to our neighbors can definitely affect the US, so be mindful of it. That's the pro tip for the day.
The levels are solid for the entire week, so there are no new levels to draw. If price drops below 31,046, that is a different story, but that is less likely right now. Price is attempting to reclaim 31,285.
This is trading education, not a signal or a promise.
THE STORY ON THE ONE HOUR Yesterday had a beautiful uptrend, which is why the trend line is drawn. Price broke it, bounced off 31,154, ran up, rejected on the trend line and at 31,285, and sold off hard. Then it bounced right back up and kept going: a nice V-shape, and almost a double bottom.
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 |
|---|---|---|---|
| 31,285.94 | resistance | not reached | never within 5 pts; closest 105.94 pts away |
| 31,154.78 | support | broke | reached 09:30 ET, a 5-min close 10.28 pts through at 09:30 |
Session 09:30-16:00 ET: open 31,167.25, high 31,180.00, low 30,991.00, close 31,112.25. 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
Between now and the open, look for a retest of 31,285. If price can't break it this time again, it comes right back down.
A level is a reference drawn in advance, not a forecast. And don't give the market all your gains back, especially from the whole week.
In the video
- 0:00Friday: NQ up about 250
- 0:08Taking back yesterday's bearish candle?
- 0:208:30: Canadian employment data
- 0:40The week's levels still hold
- 0:55Below 31,046, or a reclaim of 31,285
- 1:13The one hour: the trend line breaks
- 1:24Rejected at 31,285, then the sell-off
- 1:44A V-shape and almost a double bottom
- 1:57The plan: retest 31,285
- 2:09Questions, 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.