Daily Plan 07/17

The ETH fell lower towards the lower end of the 12 day balance on ES and the large multi-week balance on NQ. Holding the lower most shelves on both for now and bouncing a bit for now. We must continue to apply balance rules as this is all we have seen the last two months. For now, the move back towards yesterday’s range looks promising but waiting to see where RTH opens up and acts against these levels. With the large range and lack of great levels especially on NQ, use AVWAPs and moving averages to navigate the range and gauge momentum.

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ES

Main focus for tomorrow is 7514 - 18 marking off the lower most shelf of this 12 day balance. Broke down from the more recent five day balance tonight but we remain balanced on the higher timeframe. Hold above and I think we can work back towards the five day balance lows and the value that begins up there 7559 - 63. Below and looking for a continued breakdown towards the highs of the prior balance below 7470.

Above 7514 - 18, target 7542 and 7559 - 63. Continued strength above and target 7579.

Below 7514 - 18, target 7497 then 7470 - 74. Continued strength below and target 7444.

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NQ

Main focus for tomorrow is 28590 - 615 marking off the lower most shelf of the of the now 10 week balance. Arguably you could say this is 28410. Breaking down from the more consolidated and more recent 2 week balance, but has more or less completed the move. Hold above and looking for a possible back test of the most recent range taking us back to yesterday’s lows and spike 29075 - 120. Understandably, this is a large range so I will work with the VWAPs anchored to the current ETH low and high to help navigate it. Back below and looking for an immediate continuation lower towards the 06/09 lows.

Above 28590 - 615, target 29075 - 120 with the help of AVWAPs. Continued strength above and target 29230 - 260 then 29475.

Below 28590 - 615, target 28410. Continued strength below and target 28190.

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