Unlike the /ES futures, the /NQ futures don’t have the benefit of a nearby Fibonacci to provide a sensible support/resistance level. Therefore, a few days ago, I laid down a horizontal line anchored to the most recent price peak. It seems to have pushed its way back to that level before selling off.
![](https://slopeofhope.com/wp-content/uploads/2023/08/nqlevel-640x382.png)
Looking closer, you can see that this may constitute an important double top, provided tomorrow’s job report doesn’t send stocks ripping higher yet again.
![](https://slopeofhope.com/wp-content/uploads/2023/08/nqdouble-1-640x367.png)
I’m going to go out on a limb, so I’ve acquired some $510 NVDA puts since they are mashed up against lifetime resistance.
![](https://slopeofhope.com/wp-content/uploads/2023/08/slopechart_NVDA-3-640x341.jpg)
But we have one ally that dwarfs all this fancy chart stuff.
![](https://slopeofhope.com/wp-content/uploads/2023/08/tomlee-640x589.png)