Daily Plan 06/11
An inside day after sellers defended the prior session’s VAH and buyers defended the VAL. Value completely overlapping with the prior session’s lower (main) distribution putting in an inside day. Look below and fail is in play during ETH and working well for buyers. If this is to continue, the focus may shift to yesterday’s VAH to complete the move to the inside day high. If the move is to be complete, I would still be cautious on continuously pressing it as there are still some single prints and reference points just above yesterday’s high.
ES
Main focus for tomorrow is yesterday’s inside day low 7276 and VAL 7296. Sellers failed to find acceptance below during ETH and now drifting higher. If this stays up, we may have to shift the focus to 7358 - 66 marking off the lower most shelf of the prior balance as well as yesterday’s VAH. Sellers need to defend this to avoid ending the OTFD on the daily and prevent a potential squeeze. Acceptance below sends this down to 7210s and 7190s quickly. This is an area buyers must defend on a daily/weekly basis.
Above 7276, target 7296, 7327, and 7358 - 66. Acceptance above and target 7405. Continued strength above and target 7419 then 7473.
Below 7276, target 7211 - 14 and 7195. Continued strength below and target 7172 - 76 then 7148.
NQ
Main focus for tomorrow is yesterday’s inside day low and VAL 28490s and 28570 - 590 respectively. With the ETH trading lower and reclaiming it, I am now looking for a traversal through yesterday’s value and possibly range. 28800 - 830 is still a shelf on the composite but I think it is less relevant now. Watching VAH 28960s instead. Ultimate goal would be the opposite end, the inside day high but that is significantly higher so I think we should have another opportunity up at the VAH if we are to open around there during RTH.
Above 28490s, target 28570 - 590. Acceptance above and target 28800 - 830 then 28960s. Continued strength and target 29250, 29330s, then 29480 - 500.
Below 28490s, target 28410 and 28190. Continued strength below and target 28080 then 27900.
The look below and fail trade in play
Thank you, Rizzo. Cheers!