Daily Plan 05/01
Buyers remain in control even after some weakness yesterday in tech. Rest of the market was green across the board. Main focus goes to yesterday’s spike base and the single prints that led to the breakout the latter half of the session. The lower distribution will be the line in the sand for buyers.
ES
Main focus for today is 7248, yesterday’s small spike base. Hold and we can only think immediate continuation higher. Below and we have some poor structure below us starting 7232 down to 7207 - 11 which will be the buyers line in the sand. Wouldn’t be surprised if buyers step in within after cleaning up some of it with their relative strength yesterday. Sell really has no pressure until back below 7207 - 11.
Above 7248, target IB extensions, pivots, then 7292.
Below 7248, target 7231. Acceptance below and target 7207 - 11. Continued strength below and target 7183 - 86 and 7172 - 76.
NQ
Main focus for today is 27540s marking off a the prior ETH ATH as well as the start of yesterday’s single prints down to 27490s. Spike base sits 27610 and buyers in absolute control if above. Sell really only has a chance back below 27490s and more importantly, 27435 - 450.
Above 27540s, target 27610. Acceptance above and target 27665 then 27780.
Below 27540s, target 27490s then 27435 - 450. Acceptance above and target 27340 - 355 and 27300. Continued strength below and target 27160.
