The Line In The Sand You Should Be Watching
If you get our weekend newsletter you know that heading into this week this was one of the most important charts and levels we had on our radar.
This 209 area has acted as support since May 25th and it’s been tested now 4 times. In addition to this price support, this also coincides with the 20 period EMA and the weekly trend-line extending down from the 2015 all time highs.
This confluence of interest points is what makes this area key.
Keep in mind the $QQQs have already rolled over from their tight range and upper level support last Friday which we warned about in this post.
Hopefully these levels add context about the market environment and help you make more informed trading decisions.
If you would like to receive market analysis delivered to you on a daily basis as well as all of our trade alerts in real-time then learn more about our membership here.
Enjoy what you read? Share it below and be sure to tag @thetraderisk.