Confident Tacos

All in all, I'd say Monday was a somewhat uninspiring day in terms of market movement. We witnessed a pretty significant move overnight, and then the intraday action was relatively subdued with a little EOD squeeze to new highs to mix things up. It was a great day to trade level to level, especially on NQ, as those provided a lot of great opportunities if you were patient enough to catch them. Yesterday we were light on economic data and news, but today we get to spice things up by throwing Consumer Confidence and New Home Sales data together and seeing what comes out the other end. If you're expecting a crash akin to 1987, you probably want to see terrible data here to help spread some fear. If you actually trade the charts and don't buy into internet hype, it will again be a great day to be patient and watch for setups either direction.

My personal inclination for the day is to expect another day with tighter range, after yet another aggressive overnight move. Two nights in a row now we've tried to break below 14800 on NQ, and two nights in a row we've bounced out of that area. I've found it to be helpful to have low expectations for the day's range--it makes it feel extra cool and exciting when you get big moves. We're in a spot on the chart where there is lots of rooms both directions, so it would make sense to hang out here for a while until something sparks a move either direction. There's always the threat of a government shutdown looming, which is yet another catalyst waiting in the wings.

In summary, trade smart and safe. That should be the summary every day, but it feels especially important to say it out loud today.

The NQ levels for today:

Current Price: 14840

Upside Targets: 14865, 14920, 14977, 15020

Downside Targets: 14820, 14785, 14740, 14680

Stretch Targets: 15075, 14635