Quick recap of yesterday: price opened nice, collapsed all the way down, and recovered for the day. It's still struggling to take out Monday's candle: it took it out a little and pulled right back.
This is trading education, not a signal or a promise.
THE LEVELS The red lines are the weekly time frame and the green lines are the daily. Today's new level is Tuesday's close at 29,893. Expect chop around it. The market is indecisive: does price stay on top of the VWAP and the new level, or does it drop?
THE ONE HOUR Yesterday broke out nicely. Right now it looks like a strong rejection by the sellers, or buyers taking profit, at 29,893 and the VWAP.
The plan
If the next one-hour candle opens below, that could be a nice little pullback before a push to the upside in the New York session. If not, and price rejects, the next stop is 29,648.
A level is a reference drawn in advance, not a forecast.
Shout out to Lovable (@lovable) for the swag: that's the Lovable hoodie I'm wearing today, sent by Lovable.
In the video
- 0:00Wednesday: NQ up about 180, no news
- 0:08Yesterday's recap: down hard, then recovered
- 0:18Still struggling to take out Monday's candle
- 0:27The levels: red is weekly, green is daily
- 0:57Tuesday's close: the new level at 29,893
- 1:11Indecisive: above the VWAP, or drop?
- 1:21The one hour: a strong rejection
- 1:44Rejecting 29,893 and the VWAP
- 1:50Open below: a pullback before the push up
- 1:58If it rejects: 29,648
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.