NQ short-term range and break points
Been watching NQ closely for the last few days, feels like we're consolidating in a pretty tight range after that earlier push. On the daily, the 19000 level is really acting as a magnet, both above and below. We touched it yesterday, bounced off, and are now hovering just under it again. For me, the key short-term levels are pretty clear: resistance at 19100 and support around 18850.
A sustained break above 19100, especially with decent volume, would probably clear the way for a retest of those recent highs around 19300. That would be the bullish scenario for now. On the flip side, if 18850 gives way, I'd expect a swift move down to test 18700, maybe even 18500 if the momentum picks up. That 18850 level has held a couple of times, so a close below it would be significant. My read could be completely off, of course; this range trading can be choppy and fake-outs are common. The risk for me is if we chop around between those levels for another day or two, burning premium without a clear directional bias, or if some unexpected news event just blows these levels out of the water. Just my current two cents.
Totally agree on the 19000 level being a strong magnet. I'm also watching 19100 closely, but I've got my support a bit lower, around 18800, mainly due to some historical volume nodes. Do you see any confluence around 18850 that makes it a stronger level for you?