There's support around 29,088, but not enough volume to push up and take out yesterday's bearish engulfing candle. Yesterday was crazy: one candle took out the three before it, so we're still in a continuation to the downside.
This is trading education, not a signal or a promise.
THE LEVELS The key level is 29,135. My projection is a nice little bounce.
THE ONE HOUR Nasty consolidation. Overnight it sold off at six o'clock, basically the same pattern as yesterday: all the way down, then consolidate. Now we see whether price holds below 29,135 and continues to the downside, or goes up and revisits 29,373.
THE NEW LEVEL On the daily there's another level to add: 28,933. That's where I want to see price come down to, and we're not too far off.
A level is a reference drawn in advance, not a forecast.
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 |
|---|---|---|---|
| 29,373.82 | drawn | after the close | |
| 29,135.00 | drawn | after the close | |
| 28,933.17 | drawn | after the close |
In the video
- 0:00Friday: NQ down about 25, indecisive
- 0:13Support around 29,088
- 0:22Not enough volume to take out yesterday's engulfing
- 0:34Still a continuation to the downside
- 0:42My projection: a nice little bounce
- 0:48The key level: 29,135
- 0:56The one hour: nasty consolidation
- 1:11The six o'clock sell-off, same pattern as yesterday
- 1:31Hold below 29,135, or revisit 29,373
- 1:44A new level on the daily: 28,933
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.