Happy Sunday! Hope you all are enjoying the weekend.
This continues to be a challenging market — finding trades hasn’t been a problem but with the way price action has been, you have to be quick to take profits. And then when you respect that, you end up feeling like a giant weenie when the trade plays out (*cough cough SPCX puts from last week cough cough*). It’s just very hard to swing stuff with this chop so for the time being, expect quick base hit trades when i take them until we can see some sort of trend develop.
The good news for bulls though, I noted in the discord that 7660 was a major level on ES and so far on multiple tests (even right now as I’m writing this in globex), it’s holding. Will be critical for bulls to not allow a close below, or else I can see the potential for further downside. Did see some size buyers appearing on ES & NQ near Fridays lows so use those prices as a key bias area.
Jumping into this week’s levels on the indices:
Indices
ES:
As said above 7660 is make or break, below you can see opens up a decent size drop down to 7605 / 7582 — so bulls have to step up here.
Assuming they hold the line, must push above 7690 which can open up a strong move back to last week’s auction levels (7736 // 7779 // 7820 (remains an open target for me))
NQ:
On NQ, 29195-29242 yellow zone has been key support for awhile now, bulls must stay above here else we can risk a sizable drop down to 28615 / 28034. We did print a 30min buy signal and noted the size buyers near Friday RTH open so will be key area here to hold.
A reclaim of the 195-242 zone can see us head back higher toward the levels on the chart (29578 // 30279)
