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It’s a new month with new ranges to trade to.
New Monthly levels:
New Weekly Levels
Right now, intraday, 13855.25 is holding the NQ above the water line. That level is the 1 Hour IB Open, so price is respecting the PT3 of that range as support.
But seeing how this is a new month, with earnings and NFP on Friday, let’s widen our horizons just a bit and see if we can figure out where this contract may be heading to.
Ok, above is the 30 Min Chart with the Daily Distribution from Friday’s Close. You can see price is opening in the middle of the range. The yellow lines represent option levels. You can see two levels are in confluence with PT2A, two yellow lines are in the middle of the range, and one yellow line at the lower end of the range, below the PT3B. These are targets to trade to.
High Strikes on the Weekly are at 13,700 and 13,900. 13,700 leads us to the lower target at PT3B at 13704.75. 13,900 could signal a block to upside trades. If we trade above 13,900, then very bullish and would look for the upper PT2A to get hit. But if price hits 13,900 and bounces back below 13,850 parity, then very bearish for lower targets.
13,800 has the high puts stacked at that level, which confluences with RTH/Close PT1B. This level should see some dip buyers.
But just remember anytime we are inside value area (near parity), price is rotational. It will trade both up or down. Keep an eye on volatility. If it remains low, buy them dips. If it increases, sell them rips and trade to lower levels.
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