Daily Plan 07/29

Session started with weakness but after hitting a key pivot, we worked back up. The reaction to the presser was great but after digesting those comments and possibly a comment about the war, it closed down at lows with a spike. The focus for tomorrow will be the spike base to see whether sellers want an immediate continuation or if buyers step in and at the least it rotational.

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ES

Main focus for tomorrow is yesterday’s spike base 7372. The taper on the composite here sits just below this so keep this in mind. If buyers wish to establish this as excess, they must hold it and reclaim the bulk of yesterday’s value 7398 fairly quickly. Also need back above 7425 on a daily/weekly basis to cement this as a low. Acceptance below yesterday’s spike and we get an immediate continuation lower. Likely towards the lower most shelves of the balance from early June.

Above 7372, target 7398 then 7425. Continued strength above and target 7447 then 7475 - 77.

Below 7372, target 7335. Continued strength below and target 7300 and 7287.

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NQ

Main focus for tomorrow is yesterday’s spike 27410s and the VAH and shelf just above 27485 - 520. Buyers need to find acceptance above this to avoid an immediate continuation to the downside and hopefully work back through yesterday’s value. Acceptance below and I have no strong levels below us. We do have the YTD VWAP down in the 27100s though.

Above 27485 - 520, target 27675 and 27820 - 855. Continued strength above and target 28080 then 28190 - 210s.

Below 27410s, target 27150s. Continued strength below and target 26850s - 880s.

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