Daily Plan 05/18
Finally saw some weakness on Friday primarily during ETH and Korean markets seeing a pullback. Now back into the most recent four to five day balance. Friday was rotational within that range as expected and I look to continue working off those extremes to start the week.
ES
Main focus for tomorrow is 7431 marking off Friday’s VAL and close. The edges of the prior five day balance that Friday traded back into are 7358 - 65 arguably 7346 up to 7450s. Looking to stay rotational within this range until otherwise. With the ETH trading lower tonight, buyers look to reclaim back into Friday’s range to potentially resume the upside or wait down in the 7358 - 65 or 7346 area to get long. These two levels are also poor so we may be better off waiting for a look below and fail of these levels.
Above 7431, target 7457 - 64. Continued strength above and target 7508 - 10.
Below 7431, target 7358 - 65 and 7346. Continued strength below and target 7299 - 01.
NQ
Main focus for tomorrow is 29075 - 100 marking off Friday’s lows and the lower end of the most recent four day balance. The lowest most shelf sits 28860 - 880s which will be my line in the sand for buyers tomorrow. Buyers must defend this or reclaim back into Friday’s range to avoid bringing OTFU on the weekly to a halt. Also watching Friday’s VAL and RTH close 29230 as a potential pivot if buyers are able to reclaim the lows.
Above 29075 - 100, target 29230. Acceptance above and target 29370. Continued strength above and target 29480 - 500 and 29585.
Below 29075 - 100, target 28860 - 885. Continued strength below and target 28670 and 28530.
Thank you, Rizzo! Cheers!