Daily Plan 04/29
Sellers ended the OTFU on the daily putting the daily back into a balance and while doing so, initiated a possible look above and fail. This is even more clear when looking at ES as they traded back into the prior five day balance and failed to get back over. ETH currently struggling to get back above it for now but shall see how we act during RTH. NQ in a similar situation failing to trade back above the value established last Friday and Monday. FOMC and a boatload of earnings today so expecting most of the move to be made the latter half of the session.
ES
Main focus today is 7172 - 76 as well as 7183 - 86. We noted the importance of this 80s level to start the week as it was the five day balance high that buyers broke through last Friday and defended on Monday. This failed Monday night and yesterday was rangebound within the upper distribution of said balance. Reclaiming these levels above will be important for buyers if they wish to get another break to go higher rather quickly. Below and we risk seeing some weakness towards the lower end of the balance. If they fail to defend or reclaim the lower end, we have quite the volume gap that could take us potentially another 100 handles lower.
Above 7172 - 76, target 7183 - 86. Acceptance above and target 7199 - 7201, 7223, then 7250.
Below 7172 - 76, target 7145 - 49. Acceptance below and target 7145 - 49 then 7121 - 24. Continued weakness and target 7078 followed with 7043.
NQ
Main focus for today is 27250 - 270 marking off yesterday’s RTH high as well as the upper end of last Friday’s lower distribution. This is now the first step for buyers as the OTFU on the daily has come to an end. A reclaim of 27350s the main objective for buyers if they wish to continue higher immediately. Buyers held onto the last prior resemblance of a balance defending the 27090 - 100 area yesterday even through the relative weakness but need to reclaim levels to take back control. Otherwise, though they are defending yesterday’s VAH during the ETH for now, weakness takes us back down there and upon acceptance within yesterday’s lower distribution, possibly a complete rotation down towards 26840 - 850.
Above 27250 - 270, target 27300 and 27350 - 360. Continued strength above and target 27430 - 440 then 27635.
Below 27250 - 270, target 27170 and 27090 - 100. Acceptance below and target 27000 then 26840 - 850.
