Nasdaq (NQ) Daily Trade Plan: Grinding Higher on Fumes
With Volume at All-Time Lows, Here's How to Trade the Key Pivots and the 'Favorite' 4H at 24,095.75.
SCHEDULED NEWS:
Good morning, everyone. Today is Tuesday, September 16th.
The market has ground higher again all night long, pushing up 125 points in the overnight session and making a new Globex all-time high. Monday was a snoozer with some of the worst relative low volume we've seen in a long time, but our plan called it perfectly: you never fade the trend on a low-volume day.
We have red-tag Core Retail Sales news at 8:30 AM ET, which is sure to give us some sort of shake. With support extremely scarce up here, let's get into the levels.
A Note on Contract Rollover
Please note that we have now rolled over on platforms like Think-or-swim and TradingView. This can create a perfect storm with FOMC in the middle of the week and volume at its lows as it's mixed between the two contracts. I am personally staying on the September (U) contract and will not be switching over to the December (Z) contract until the Weekend Review on Sunday.