Daily Plan 03/17
Yesterday’s RTH got a slight continuation off Sunday’s lows so the question for today will be whether we get an immediate continuation or an attempt to shift value higher or a failure back down. If looking at the March contracts, we are still within last week’s lower distribution but above Friday’s lower distribution. Simply going to observe how we establish value up against yesterday’s value and go from there today. If below, I will be grabbing some hedges for end of week.
ES
Main focus for today is 6747 and 6755 marking off yesterday’s VAL and VPOC as well as a VPOC on the composite. Staying below and establishing value below yesterday’s range not a great development first day after the roll. In that case, looking for lower back down towards the shelf and excess highs of last Thurs - Fri. Note that this puts us down into last Friday’s lower distribution on ESH. If back into yesterday’s value, lets look for a continuation off of Sunday night lows or at least a move back towards VAH to keep it rotational prior to FOMC on Wednesday.
Above 6747 and 6755, target 6768 then 6780. Continued strength above and target 6802 and 6824.
Below 6747 and 6755, target 6727 and 6715. Acceptance below and target 6691. Continued strength below and target 6670 and 6644.
NQ
Main focus for today is 24835 and 24875 marking off yesterday’s poor lows (already swept) and VAL 24875. Value established below, which the ETH did is not a great sign for buyers after yesterday’s excess high that showed us a clear failure past Thursday and Friday’s excess (NQH). Holding 24750 - 765 for now but below would also put us below the lower most taper on the composite NQH and towards Friday’s lower distribution. Back into yesterday’s value and buyers are given another shot out of last week’s lower distribution or at least a chance to keep it rotational before FOMC tomorrow.
Above 24835 and 24875, target 24925 - 945 and 24985. Continued strength above and target 25065 - 090 and 25165.
Below 24835 and 24875, target 24750 - 765. Acceptance below and target 24600. Continued strength below and target 24465 and 24390.
