Market Outlook 05/28/2021
Happy Friday. Shortened day in Bond markets and a trading holiday on Monday as the volume continues to drop. VIX is back in 16s which most consider the top of its true resting range in a bull market.
All markets now above their 10-wk MA and all is well for bulls in this market.
Another balancing day in markets with low volume and range bound moves typically observed after a big directional move (which was on Monday). /RTY was the star performer holding making up for the slight weakness in /NQ
/ES back to channel-mid resistance but breaking out above the trendline resistance. Holding up above 4205s should be smooth sailing for bulls to 4220s. Prices below 4192s might see a retest of the 4170-80 zone which has been support all week.
Shorter term /ES is attempting to break out overnight above 4212s with not much resistance to the upside. Bears tried to push it downwards multiple times during the week only to find buyers at lower prices and thus is discovering price to the upside with 4218-4222 zone for some slight resistance. 4223+ has the next resistance at all-time-highs 4235-39s
/NQ however has longer term resistance overhead in 13720s zone. Long term resistance all the way from 13720-13800 zone. A breakout above 13800 should see a lot of extension to the upside
/RTY is also peeking into resistance zone at 2281-2292 which is expected to hold on Friday. If breaking out above 2294, the next logical resistance is at 2306+
/ES Market Levels 05/28
4285-4294 (Major Resistance Zone)
4262-4271 (Major Resistance Zone)
4235-4242 (Minor Resistance Zone, All-time-highs)
4218-4222 (Major Resistance Zone, First Breakout Target, Likely Reversal Zone)
4198-4208 (Intraday Line in sand - Bullish above and Bearish below)
4179-4182 (Major support zone)
4169-4172 (Minor support zone)
4155-4159 (Minor Support Zone, 20 Day MA, First Breakdown Target)
4133-4141 (Major Support Zone, Second Breakdown Target, Likely Reversal Zone)
4120-4123 (Minor Support Zone)
4098-4106 (Major Support Zone)
4071-4084 (Major Support Zone, Likely Reversal zone)
4038-4049 (Major Support Zone, Pullback Buy Zone, Medium Term Pullback Target)
4018-4026 (Minor Support Zone)
3987-3999 (Major support zone, Pullback Buy Zone)
3972-3979 (Major Support Zone)
3956-3964 (Major Support Zone)
3931-3934 (Major support zone)
/NQ Market Levels 05/28
14440-14465 (Major Resistance Zone)
14277-14298 (Major Resistance Zone)
14222-14238 (Minor Resistance Zone)
14141-14174 (Major Resistance Zone)
14040-14068 (Major Resistance Zone, All-Time Highs)
13900-13932 (Major Resistance Zone)
13795-13818 (Major Resistance Zone, Likely Reversal zone, Breakout above)
13741-13766 (Major Resistance Zone, ReTest of Breakdown, Likely Reversal Zone)
13689-13721 (Intraday Line in sand - Bullish above)
13619-13641 (Major Support Zone, Breakdown Below)
13541-13559 (Minor Support Zone, Intraday Breakdown target)
13478-13509 (Intraday Line in sand - Bearish below, 50 Day MA, Pullback Buy Zone)
13411-13429 (Minor Support Zone, First Breakdown Target)
13324-13349 (Major Support Zone, Second Breakdown Target, Possible Reversal Zone)
13247-13266 (Major Support Zone, Final Breakdown Target)
13130-13158 (Minor Support zone)
13060-13083 (Major Support zone, Bear Flag Bottom)
12949-12967 (Minor support Zone)
12875-12920 (Major Support Zone, Pullback Buy Zone, Likely Reversal Zone, Last week’s Low, Medium Term Support Zone)
12801-12822 (Major Support zone)
12744-12766 (Minor Support zone)
12674-12690 (Major Support zone, Pullback Buy Zone, Measured move Target)
Futures Trade Ideas 05/28
Short /NQ on a break into 13736-754 for target 13680 and 13628
Buy /NQ on a break above 13762 for target 13810+
Short /NQ on a break below 13620 for target 13560 and 13510.
Short /RTY on a break above 2291 for target 2281 and 2272