Daily Plan 07/28
Value continues to shift lower on NQ but a decent pop off the lows today after sellers failed to get follow through. ES shifted slightly higher relative to where value was built the prior three sessions but buyers are not out the woods yet. Thinking rangebound until FOMC tomorrow and possibly even into earnings. Hoping for lots of opportunities around the edges of the current balance to either follow upon acceptance beyond levels or fade upon a lack of initiative activity beyond them. I am ideally looking for the latter at lows.
ES
Main focus for tomorrow is 7475 - 77 marking off the upper most shelf of this now four day balance. With its relative strength, ES made a slight attempt to shift value higher by creating a double distribution yesterday of which the main distribution sat above the value of the prior three sessions. Any moves made above that fail back below the range then 7462 can be troublesome and cause yet another rotation down into the lower end of the balance 7425 which is now an even weaker level. Also watching 7446, yesterday’s VAL to help navigate the range below.
Above 7475 - 77, target 7500 - 05. Continued strength above and target 7522 - 25 then 7546 - 50.
Below 7475 - 77, target 7462, 7446, then 7425. Acceptance below and target 7410. Continued strength below and target 7358 - 66.
NQ
The main focus for tomorrow is 27920 - 935 marking off the lower end of the main distribution from the last two sessions. This distribution goes up to 28185 - 215 which marks off the upper end. The initiating side will have to find acceptance beyond this for a follow through. With the ETH failing the upper end and now below the lower end, may have to work with the VAL 27820 or shelf on composite at 27700 come RTH tomorrow. Looking for another leg down towards 27430 - 450 in that case.
Above 27920 - 935, target 28010 - 020, 28080, then 28185 - 215. Continued strength above and target 28400 and 28450 - 460.
Below 27920 - 935, target 27820. Acceptance below and target 27700, 27530, and 27435 - 450. Continued strength below and target 27150s.
Does your setup and focus on levels change depending on whether it's ETH or RTH? Thanks.
Thank you, Rizzo. Cheers!