Market Outlook 04/22/2021
Another big bullish reversal for markets on Wednesday with /RTY finally taking the lead for a change jumping up 2% to get back in the wide change chop zone.
As mentioned previously, buy-the-dip still is the game for markets with /ES creating a balancing zone near all-time-highs.
Zooming in, /ES did break out some resistance at 4151-53 to retest the major trendline that broke on Tuesday with resistance zone setting up around 4164-68. A breakout above that zone should retest all-time-highs in 4180s
/NQ bounced from the balance zone bottom at 13700 as well back into some resistance at 13920-40. A breakout above that zone should quickly move to 14000+ and possibly new highs
/RTY was the star of Wednesday as it move into the zone of uncertainty 2234-2251 which is the major test for bears. A break above 2252 should seek 2270 for breakout confirmation. Above that, the only targets are all-time-highs
/ES Market Levels 04/22
4218-4226 (Major Resistance Zone)
4198-4205 (Minor Resistance Zone)
4183-4188 (Major Resistance Zone, Second Breakout Target, Key Level: 4184)
4164-4171 (Major Resistance Zone, First Breakout Target, Possible Reversal Zone)
4145-4151 (Minor Resistance Zone)
4129-4135 (Intraday Line in sand - Bullish above and Bearish below, Likely Reversal Zone)
4100-4110 (Major Support Zone, Last Wednesday Lows, Breakdown Target 4105)
4082-4085 (Minor Support Zone, Breakdown Target)
4069-4073 (Minor Support Zone)
4049-4056 (Major Support Zone, Pullback Buy Zone, Breakdown Target)
4018-4026 (Major Support Zone, Pullback Buy Zone)
4000-4004 (Major Support Zone, Key Level: 4002)
3987-3990 (Minor support zone)
3972-3979 (Major Support Zone)
3956-3964 (Major Support Zone)
3931-3934 (Major support zone)
/NQ Market Levels 04/22
14440-14465 (Major Resistance Zone)
14281-14298 (Major Resistance Zone)
14238-14252 (Minor Resistance Zone)
14167-14192 (Major Resistance Zone)
14059-14074 (Major Resistance Zone, All-Time Highs)
14004-14021 (Major Resistance Zone)
13921-13938 (Major Resistance Zone, Breakout Confirmation above)
13854-13882 (Intraday Line in sand - Bullish above)
13791-13821 (Intraday Line in sand - Bearish below)
13700-13721 (Major support zone)
13634-13652 (Minor support zone)
13576-13588 (Minor Support Zone)
13504-13528 (Major Support Zone, Breakdown Target, Likely reversal zone)
13473-13488 (Minor Support Zone)
13412-13431 (Minor Support Zone)
13352-13381 (Major Support Zone, Pullback Buy Zone, Likely reversal zone)
13287-13300 (Major Support Zone)
13216-13242 (Minor Support Zone)
13158-13184 (Major Support Zone, 50 Day MA, Breakout ReTest)
Futures Trade Ideas 04/22
Long /ES on retrace into 4131-33 for target 4148+
Short /NQ on a break below 13695 for target 13645, 13589 and 13520.
Buy /NQ on a break above 13935 for target 13998 and 14040.
Buy /RTY on a break above 2252 for target 2269.