Market Outlook 03/09/2021
/NQ failed to break out from resistance at 12700 on Monday and ultimately led the reversal for the day. However, /ES neither broke out of any major resistance nor broke down from any major support and thus /ES should continue to swing in wild ranges until a direction is chosen.
/ES still staying in the cone formation since December and bears need to push for a test of 3720. /ES tested 20 Day MA at the highs today which triggered the reversal. However, even with the reversal for close, /ES bulls have something to be happy - /ES close at 50 Day MA which technically makes a retest-hold of 50 day MA - a great sign for bulls.
/NQ weakness has been the story last 2 weeks and bears need to push for the current leg towards 12190-12225 and 12080-12111.
/RTY Line in the sand zone 2201-2210 for today and a break below should signal trouble for /ES as well.
EARLY WEEK OUTLOOK (Monday-Wednesday)
The big target for /ES bears is 3671-75 this week which if reached should be great point for a bullish reversal.
Conversely bulls have their eyes set on 3920-24 zone which should be a bearish reversal point.
The big target for /NQ bears is 12055-80 this week which if reached should be great point for a bullish reversal.
/RTY bears eye 2050 is the next major target whereas bulls are looking for 2280.
/ES Market Levels 03/09
3956-3962 (All Time highs)
3928-3938 (Major Resistance Zone, Previous All Time Highs, Likely reversal zone)
3908-3922 (Bullish reversal Breakout Target)
3869-3879 (First Breakout Target, Likely Reversal Zone)
3834-3844 (Intraday Line in sand - Bullish above and Bearish below)
3796-3806 (Minor support zone)
3763-3778 (Major support zone)
3736-3748 (Minor support zone)
3713-3724 (Major support zone, Thursday/Friday Low, Likely reversal zone)
3688-3694 (Minor support zone)
3655-3673 (Major support zone, February Lows)
/NQ Market Levels 03/09
13247-13337 (Top of possible range)
13046-13080 (Key Levels: 13084, 13110, 13128)
12961-12988 (Minor resistance zone zone)
12811-12849 (Major Resistance zone, Breakout target)
12688-12719 (Major Resistance zone, Breakout target, Likely reversal zone)
12534-12567 (First Breakout Target, Possible reversal zone)
12452-12478 (Intraday Line in sand - Bullish above & Bearish below)
12308-12331 (Minor Support zone)
12202-12226 (Major Support Zone, Friday lows)
12145-12162 (Minor Support Zone)
12055-12090 (Major Support Zone)
11970-12003 (Channel bottom)
11827-11852 (Minor Support Zone)
11692-11708 (Measured move Breakdown Target)
11590-11666 (200 Day MA)
Trade Ideas for 03/09
Short /NQ on a retest and failure of 12452-12478 zone for targets 12372 and 12309
Long /NQ on a break above 12480 for target 12544
Short /RTY on a break below 2201 for targets 2188 and 2179
Long /RTY on a break above 2228 for target 2235 and 2244