The levels come from the week time frame first: last week's close, the prior week, and the week of September 21st. Then the day time frame adds the support levels in green.
This is trading education, not a signal or a promise.
THE BIG PICTURE We are literally trading inside last week's candle. This is a momentary pullback. A long is possible around 31,017, which looks like a nice bounce to the upside, but let's see if it holds during today's session.
THE STORY ON THE ONE HOUR The real trend is down, very down. The Sunday session opened bullish with a little gap up, rejected at the trend line, came back down and slapped out pretty hard, right below the VWAP. Now price is hanging between the week time frame level and the day time frame support level.
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 |
|---|---|---|---|
| 31,136.44 | resistance | not reached | never within 5 pts; closest 87.69 pts away |
Session 09:30-16:00 ET: open 31,045.25, high 31,048.75, low 30,844.25, close 30,896.50. 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
It looks like it wants to rally and retest 31,136. If there's another rejection at that major week level, price comes right back down to 31,017.
A level is a reference drawn in advance, not a forecast. Today feels like a very choppy day, so trade with caution and don't over leverage.
In the video
- 0:00Monday: NQ down about 38
- 0:15The week time frame: last week was a doji
- 0:31Last week's close and the prior week
- 0:46The September 21st weekly close
- 1:54The day time frame: support in green
- 2:48Trading inside last week's candle
- 3:01A possible long at 31,017
- 3:11The one hour: the real trend is down
- 3:47Sunday: a gap up, rejected, below the VWAP
- 4:04Between the week level and the day support
- 4:12The plan: retest 31,136, or back to 31,017
- 4:32A choppy day: trade with caution
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.