NQ1! Big Picture Context:.
NQ futures rallied after NVIDIA posted an earnings beat and after the Manhattan-based Court of International Trade blocked President Trump's Liberation Day tariffs.
Goldman Sachs noted that the ruling on Liberation Day tariffs gives the administration 10 days to halt tariff collection, but does not affect sectoral tariffs. The administration can still impose across-the-board and country-specific tariffs under other legal authorities.
Jobless claims and continuing claims have come in higher.
What has the market done?
The rally faded in the overnight session. However, the catalysts provided energy for prices to move higher. Currently, price is trading above the prior week’s high, yesterday’s high, and it is also trading above the yearly open, and 2025 VPOC and mcVPOC for the last 3 weeks.
What is it trying to do?
The market is negating the recent bear market territory sell-off and negating a bear market rally. It is propelling higher.
How good of a job is it doing?
The market has created good structure and micro composites, despite some gaps left open, and it has created higher lows since last Friday.
What is more likely to happen from here?
Scenario 1: Long Continuation
In this scenario, we are looking for NQ to turn at the immediate 2025 LVN support area. If it edges higher, we will be looking for potential long opportunities above the 21710–21720 area, targeting overnight highs and potentially the next HVN.
Scenario 2: Gap Close and Reversal
In this scenario, we are looking for a pullback, testing pHi and pWk-Hi. We will look for a rounded base that consolidates here on a lower timeframe, such as the 5-minute timeframe, and look for a reversal back towards the 21710–21720 level.
pWk-Hi: prior Week's High
pHi: prior Day's High
HVN: High Volume Node
LNV: Low Volume Node
VPOC: Volume Point of Control
C: Composite (prefix before VAL, VAH, VPOC, VP, AVP)
mC: micro-Composite (prefix before VAL, VAH, VPOC, VP, AVP)
EdgeClear
P: 773.832.8320
Derivatives trading involves a substantial risk of loss. Past performance is not indicative of future results. The views expressed are opinions, not financial advice. Any example trades are gross of fees and commissions.
P: 773.832.8320
Derivatives trading involves a substantial risk of loss. Past performance is not indicative of future results. The views expressed are opinions, not financial advice. Any example trades are gross of fees and commissions.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.