NQ daily trading plan for 6/27
Not a great day for NQ bulls with NQ dropping -1.34% last session. Will they be able to reverse the course?
Charts & Analysis:
After a small gap up on Sundays open NQ slowly pushed up towards our key level from yesterday’s plan (15,109). After flirting with our key level during the ON session NQ rejected. Then hit 3 out of 4 of our targets during the Asia & European sessions before gaining 100 points at the US open. This move broke our key level to the upside and reached our 1st target to the upside. Then finally NQ lost its steam and once again fell below our key level. This lead to our finally downside target however, NQ dropped some more all the way through the weak structure we noted in our chart. We hope this brief explanation helps our readers understand how they might be able to gain insight with our daily NQ trading plan. This can also be seen in a visual form below.
As for tomorrow’s session we only have a few economic data release with only one that is likely to move the market for more than a few minutes. This data release is the durable goods orders MoM at 7:30am EST. We will exercise caution opening new positions around this data release. It is our view that sellers are likely going to try and keep the pressure on trying to reach the support level near 14,800. Bulls will have to watch out for weak structure around 14,980-14,940 which is a possible rejection point.
Daily Key Levels:
14,982 is our key level going into tomorrow’s trading session.
With a clean break and hold above 14,982 we would target 14,996 | 15,007 | 15,033 | 15,068 to the upside.
With a clean break and hold below 14,982 we would target 14,873 | 14,848 | 14,829 | 14,802
DISCLAIMER: We are not Financial Advisors, and all information presented is for educational purposes ONLY. Financial markets can be extremely volatile, as such using good risk management is a must.