What Ron likes about yesterday's candle: a huge sell-off at first, and then price pushed right back up. It looks like there's a nice support right now, and the market is undecided about which direction it really wants to go. Technically it's not bullish: price is sitting right on the VWAP.
This is trading education, not a signal or a promise.
THE LEVELS The levels are still good. Price isn't sitting on any support; it's right on the VWAP, after hitting major resistance at 30,151.
THE ONE HOUR The overall picture is still down: a downward trend. But there's a little room for the market to run up.
The plan
Ron is expecting a nice little bounce, preferably a dip to 29,942 first and then a run back up, or a run up straight from here. Be cautious of the trend line at or above 30,215.
There's no news today, so take it light, and don't give the market back your gains.
A level is a reference drawn in advance, not a forecast.
In the video
- 0:00Friday: NQ down about 65
- 0:08Holding support around 30,060
- 0:15Yesterday's candle: a sell-off, then pushed back up
- 0:30Not bullish: sitting on the VWAP
- 0:39The levels still hold
- 0:47Major resistance at 30,151
- 0:56The one hour: still a downtrend
- 1:10Room for a bounce
- 1:19A dip to 29,942, then up
- 1:27Be cautious at 30,215
- 1:35No news today: take it light
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Trading education only. Not financial advice, not a signal, and no promise of any result. Full disclaimer.