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JICPT| NQ looking for rebound with job data coming out soon!

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Hello everyone. Markets are pretty bumpy those days amid potential escalated trade tensions between US and China, and approaching US debt ceiling deadline on Oct. 18th. The VIX has surged in the past few days as below.

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Let's have a look at my favorite line chart of NQ, Gold and US 10Y yield. Now, the US 10Y yield is around 1.5% As we know, the higher the yield, the more pressure the tech heavy index faces. It's a bit negative on the line chart.
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On the news side, we will have the ADP and NFP data tomorrow and Friday respectively. The stronger job data will make Fed to kick off taper sooner, say in Nov. Last time, NQ didn't react too much on the taper. So, it's neutral.

On the technical side, let's analyze weekly and daily charts.

Weekly: Strong weekly demand zone is drawn on the chart. The current level is 500 points away.

Daily: By apply the range measure tactics, we can see price has come to a strong reversal level with long MA being around as well.

In my opinion, the current level is a sweet spot for rebound. You can have a quick short swing trade setup. If price can fall into the weekly demand zone, that couldn't be better for bullish buyers to jump in.

What do you think? Give a like if you're with me.

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In early pre-market trading session, Nq got a quick retest of yesterday's low, especially in the Europe session amid surging VIX and rising US 10Y yield. I guess those are driven by fears. The better-than-expected ADP data calmed investors. NQ started to rally.
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The possibility of postpone the the debt ceiling excited the market. It's back to the range move.
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Almost hit my level
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Feragatname

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