Nasdaq (NQ) Daily Trade Plan: Navigating the Post-FOMC Hangover
After a Massive Gap Up, Here's How to Trade the Pivots and the 'Favorite' Buy at 24,148.75.
SCHEDULED NEWS
Good morning, everyone. Today is Thursday, September 18th, and the Fed has done it again.
Yesterday's FOMC announcement gave us a fairly positive outlook, and our plans played out more than perfect. The resulting volatility has led to the indices gapping up over 1% overnight. However, we have big red-tag Unemployment numbers coming in at 8:30 AM ET. Even though we've gapped up, we shouldn't take this bullish run for granted. Yesterday's moves wiped out many of our important untested levels, leaving a lot of tested structure below us, which is not good if this market decides to sell off. Let's get right into the levels.
A Note on Contract Rollover
I have not rolled over yet. I am still trading the September (U) contract. I will not be rolling over into the December (Z) contract until this coming Sunday for the Weekend Review.