Daily Plan 04/30

Markets remain balanced after FOMC overall but earnings from four MAG 7 names took NQ to new ATHs and ES just shy of them. Fading back down for now and back into the balance on both. Continuing to look for sideways trade and rotational opportunities.

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ES

Main focus for tomorrow is 7183 - 86 the prior five day balance high. The look above and fail already occurred earlier in the week and tonight’s ETH made another attempt higher only to fail back below further supporting this idea. Levels will remain the same as they continue to work and provide us context. Also watching 7172 - 76, yesterday’s RTH highs and excess as extra confluence. Lower end remains 7145 - 49 with the lower most shelf being 7121 - 24. Overall, still thinking rangebound within these extremes until proven otherwise.

Above 7183 - 86, target 7199 - 7201 then 7207. Continued strength and target IB extensions, pivot points, then 7250.

Below 7183 - 86, target 7172 - 76. Acceptance below and target 7145 - 49. Continued strength and target 7121 - 24.

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NQ

Main focus for tomorrow is 27355 - 360 marking off the lower end of last week’s upper most distribution. Acceptance above and likely new RTH highs barring a failure up against 27430 - 450. If sellers are able to defend this and work back into yesterday’s range, we likely remain rangebound within Tuesday - Wednesday range.

Above 27355 - 360, target 27435 - 450. Acceptance above and target 27635 along with any IB extensions and pivot points.

Below 27355 - 360, target 27290. Acceptance below and target 27090 - 100. Continued strength below and target 26990 then 26840 - 850.

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