NQ daily trading plan for 6/29
NQ had a rather volatile day today. However bulls still are in control but for how long?
Charts & Analysis:
Well in yesterday’s plan we mention how we believed it was likely going to be a volatile session due to the panel with the ECB President, BoE Gov, BoJ Gov and FED Chair Powell all speaking. This was partly true however the true price action whiplash started after the panel was over, this can be seen in the chart below. To our surprise all of our upside targets where reached by the end of the CB panel. Two of our downside targets also came into play during the European session. As for the rest of the trading session once 15,140 was reached NQ went a wild ride with a high of 15,219. Again we observed 15,109 acting as a support to keep the rally alive. This was our key level on 6/26 and it seems to be an important level so we will keep monitoring it.
FED Chair Powell is not quite done yet, as he speaks 6/29 at 2:30am EST this is likely to be one of the key drivers of the ON session along with German CPI. At 8:30am EST unemployment claims for the USA this data print has been important since the rate hiking cycle began. It is our view that the unemployment claims is likely to drive the price action for NQ during tomorrow’s session.
We will be the first to admit when we are wrong, in yesterday’s trading plan we said we were leaning into a bearish view. This of course did not play out especially during RTH, we are of the opinion that NQ is likely going to trade range bound until the PCE print on Friday. This price action will be great for scalpers and day traders but there is a great amount of risk in holding a NQ through the PCE print in our view.
Daily Key Levels:
15,193 is our key level going into tomorrow’s trading session.
With a clean break and a hold above 15,193 we would target 15,205 | 15,214 | 15,238 to the upside.
With a clean break and a hold below 15,193 we would target 15,173 | 15,160 | 15,132 | 15,119 to the downside.
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.