On the week time frame, this week's candle opened strong with no wick at the bottom. At the very least, expect this week to attempt halfway up last week's big red bearish engulfing candle. On the daily, there's a nice little support.
There's news at 8:30 AM ET: Canada CPI. Not the United States, and usually low volatility, but it can still move our market.
This is trading education, not a signal or a promise.
THE LEVELS Right now price is staying above 29,648: that looks to be the next support level. The level to take out for the day is 29,956. There's a nice little base here; the question is whether it holds and becomes a true continuation to the upside.
THE ONE HOUR A nice little upward trend: as long as price stays above the rising trend line, it can ride all the way up. But the overall picture is still a downward, bearish trend, and this is a tight one: a bear flag.
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 |
|---|---|---|---|
| 29,956.10 | drawn | after the close | |
| 29,648.18 | drawn | after the close |
The plan
If price can't break above 29,800, right at the falling trend line, with volume, it's coming down today.
A level is a reference drawn in advance, not a forecast.
In the video
- 0:00Monday: NQ up about 330
- 0:10The week: a strong open, no lower wick
- 0:19Halfway up last week's bearish engulfing candle
- 0:27The daily: a nice little support
- 0:42Above 29,648, the next support
- 0:54The level to take out: 29,956
- 1:06Canada CPI at 8:30
- 1:27The one hour: a rising trend line
- 1:39Still a bearish trend: a bear flag
- 2:06No break of 29,800 with volume, it comes down
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.