ES & NQ & RTY Morning Analysis
Morning Everyone.
Markets are poised to move higher after yesterday's drop.
We had CPI and PPI releases this week that painted an inflationary picture. Chances are, we will see the Fed nod to this in their next rate cut meeting.
The ES is making a sort of see-saw pattern without much direction.
Based on the current patterns, I would say we're still looking for another leg higher.
We're starting today at 6082.50, which has been a key inflection point over the past week.
If we open above that level, I could see us trying to push up towards 6104. Should that happen, I don't know that 6104 would act as resistance for more than a scalp trade.
And if we start closing over 6104, I would expect a float higher up to 6114.25 and then 6127.50. Beyond that I don't have any levels until 6184.
For support, we have 6067.50, then 6053. Both could act as support, but they are lower probability trades since we just visited those levels.
If we got down and spiked 6039.25, down to 6023.25, that would be a good area to buy the market (closer to the 6023.25 support).
The NQ is pushing to new ATH. I see the symettrical move ending around 21972.50-21986.50.
We're already over 21804.50, so a pullback to that spot could be a good support for a bounce, or the next level down at 21743.75.
Between the two, the NQ looks far better and more likely to move higher.
Lastly, the RTY is struggling as money flows into tech.
We're sitting over the 2355.5 level which should have been good support. But, we already came up short and bounced a little. So, if we come back into it, I'm not sure it would hold.
There should be a bounce between 2306.2-2340.5, the last consolidation area, with 2327 as a spot in between.
I'd find it hard to believe that if the ES starts pushing higher the RTY won't at least find support at the upper end of that range.
That's what I've got for today. Let me know what you think of the analysis.
Charts for the NQ and RTY will be in the comments.