Daily Plan 06/24
Yesterday’s RTH was mostly sideways within the range we expected for the most part. These levels will only slightly change to include yesterday’s value area highs and lows but the idea remains the same. Sellers established acceptance back into the upper end of the prior balance. Question for tomorrow becomes whether they step on it tomorrow and get an immediate continuation lower or do buyers step in and reclaim some levels to initiate a new leg higher.
ES
Main focus for tomorrow is 7470 - 74 marking off yesterday’s VAH and last week’s low. As mentioned in yesterday’s plan, acceptance back below this area on a daily/weekly basis was not a great sign for buyers. We got exactly that today so the onus will be on buyers now to reclaim it to avoid a traversal of the prior balance. Yesterday’s VAL as well as the roll gap 7432 - 36 is what sellers should look to breach and find acceptance below tomorrow for that continuation through the balance.
Above 7470 - 74, target 7497 and 7520 - 28. Continued strength above and target 7572 - 79.
Below 7432 - 36, target 7400 - 04 and 7358 - 66. Continued strength below and target 7283 - 88.
NQ
Main focus for tomorrow is 29910 - 925 marking off yesterday’s VAH and last week’s lows. Acceptance above and looking for a move back into last week’s excess and lower most shelf. Gap is still significantly higher so use these as reference points and for confluence. If failing up against it, expecting rotational to lower from there down towards 29730 - 740 and the NQM settle 29650s which continues to hold. Only on acceptance below this should sellers look to press for further for a complete rotation through the prior balance which would take this significantly lower.
Above 29910 - 925, target 30070 - 100, 30225, and 30340 - 370. Continued strength above and target 30450.
Below 29910 - 925, target 29730 - 740 and 29650. Acceptance below and target 29460 - 475 and 29220. Continued strength below and target 29590.
Thank you, Rizzo! Cheers!