Daily Plan 06/25
An outside day on ES and a down day on NQ as sellers made an attempt to shift value lower. They did well defending the levels above but after a bounce off some key levels and MU earnings, we are ripping higher back towards last week’s range. With the relative strength in NQ now, the focus shifts towards the lower end of the bulk of value established last week as the level sellers need to defend. While buyers look to defend the upper end of the range established Tues - Wed to avoid making this a dead cat bounce. Let’s keep both charts up and observe levels on both to help make decisions tomorrow.
ES
Main focus for tomorrow will be 7466 - 70 marking yesterday’s VAH as well as last week’s low. Also observing 7484 marking off the upper most shelf of the last two session’s as well as the two day VAH. Above and looking for buyers to make an attempt to take out yesterday’s highs also up against last Wednesday’s spike for a follow through unlike what we saw yesterday. Failure to do so above any of these levels above then a failure back below 7466 - 70 would be devastating for buyers and I am expecting significant downside in that case.
Above 7466 - 70, target 7484. Acceptance above and target 7497 then 7520 - 28. Continued strength above and target 7540.
Below 7466 - 70, target 7445. Acceptance below and target yesterday’s low then 7358 - 66.
NQ
Main focus for tomorrow is 30050 - 70 marking off last week’s excess, shelf on composite, and Tuesday’s high. Above and looking for a test of last week’s value and main distribution starting around 30340 - 370 with a small shelf prior at 30220 to help gauge strength. Need to see acceptance back above this before buyers start to feel more comfortable again. Back below 30050 - 070, likely to trade back towards yesterday’s range which we have already seen during the ETH and held. Using this as well as the shelf on the composite 29730 - 740 as the line in the sand for buyers going forward.
Above 30050 - 070, target 30220 then 30340 - 370. Continued strength above and target 30450, 30560, then 30730 - 750.
Below 30050 - 070, target 39900 - 925. Acceptance below and target 29730 - 740. Continued strength below and target 29460 - 475 then 29220.
Thank you !
Thank you, Rizzo! Cheers!