Daily Plan 05/19

Sellers were able to cleanly establish value lower relative to Friday but we still remain inside the prior four to five day balance. Normally I would be biased downside here with the daily now down but the weekly remains up and buyers seem to be intent on getting involved again as we approached the lower end of the prior balance on NQ and just shy of it on ES. We also came into the monthly VWAP and held nicely so I am thinking rotational within yesterday’s lower distribution until otherwise.

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ES

Main focus for tomorrow is 7398 up to 7457 - 64. Can also work with 7431 marking off a shelf within this greater overall balance. Watching the ends of the bulk of value established the last two RTH sessions for a trade towards the outer most edges of the prior five day balance we are now back into. This still sits 7358 - 65 up to 7457 - 64. This larger range is of more importance and I believe we remain in this range until NVDA reports.

Above 7431, target 7457 - 64. Continued strength above and target 7480 then 7508 - 10.

Below 7398, target 7358 - 65. Continued strength below and target 7346 then 7299 - 01.

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NQ

Main focus for tomorrow is 28850 - 860 on the downside and 29075 - 100 for the upside. Both sides will want to defend their side on a daily basis to avoid going somewhere significantly different prior to NVDA earnings on Wednesday. This essentially marks off yesterday’s lower distribution.

Above 29075 - 100, target 29165. Acceptance above and target 29370 then 29480 - 495.

Below 29075 - 100, target 28850 - 860. Continued strength below and target 28670 then 28530.

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