NQ Daily Analysis - Break and Retest of the 15050-14680 10-Day Range
I usually don't look at NQ as my primary focus is ES, but scrolling through my watchlist I stumbled across the old depiction I made of NQ trading in a range, and now we are here backtesting it. Could we be setting up for a break and retest or will this be a failed breakout and we start trading back inside the range? We are also building a bull flag shown by the purple trend lines so it wouldn't be surprising to see NQ continuing to fill out the flag.
With ES ~4350/SPY ~430 at a core level (imo) that'll need to hold to see more upside, coupled with NQ at a significant break and retest level, this puts more upside in play. Don't be stuck on one direction though. We have to be situationaly aware of world news and the econmic calendar this week as it will continue to bring volatility into play. I always focus on levels and technical analysis, while being mindful of contributing factors.
As always, manage your risk to reward ratios while we trade this upcoming week. Taking a short into NQ being at a break and retest daily level, on a higher time frame aspect, isn't the greatest risk to reward.
I usually don't look at NQ as my primary focus is ES, but scrolling through my watchlist I stumbled across the old depiction I made of NQ trading in a range, and now we are here backtesting it. Could we be setting up for a break and retest or will this be a failed breakout and we start trading back inside the range? We are also building a bull flag shown by the purple trend lines so it wouldn't be surprising to see NQ continuing to fill out the flag.
With ES ~4350/SPY ~430 at a core level (imo) that'll need to hold to see more upside, coupled with NQ at a significant break and retest level, this puts more upside in play. Don't be stuck on one direction though. We have to be situationaly aware of world news and the econmic calendar this week as it will continue to bring volatility into play. I always focus on levels and technical analysis, while being mindful of contributing factors.
As always, manage your risk to reward ratios while we trade this upcoming week. Taking a short into NQ being at a break and retest daily level, on a higher time frame aspect, isn't the greatest risk to reward.