This cycle should be on day 10 which normally leads to the second top on day 10-11, but the market is operating off of news from the war more than anything else right now. That being said, we could have another short cycle and the highs may already be in (I think they are), and we could drift down the next day or two for the next one. With the market reaction to the news, I'm not as much looking for normal cycle actions. We missed the pivot point yesterday. PP are touched 75% of the time, and while I've seen consecutive sessions of missing them, they are rare. I've personally never seen 3 sessions where the pp wasn't touched during normal trading hours.
The ES pivot today is 870, about 6 points above where we're trading at right now. The resistance lies at 864 (globex overnight high), 880, then yesterdays high of 886. The support levels are 861 (yesterday's low), 855 and then 845.
My strategy for right now is to sell the ES when and if we reach the pp of 870. The higher odds setup would be to sell the 880 level, but I don't know if we'll see that. Will maintain tight stop in case it sices thru and sell the uppper levels..
The NQ pivot today is 1062, about 5 points above where we're trading at right now. The resistance lies at 1059 (globex overnight high), 1077, then yesterdays high of 1088. The support levels are 1048 (yesterday's low), 1037 and then 1022. |
