Market Outlook 07/19/2021
Welcome to post-opex post-bank earnings period. Netflix starts the big tech earnings this week with the trillion dollar club set to report next week. That makes this week a positioning period for the tech earnings which means buyers should show on any major dip in tech due to bullish earnings expectations.
/ES off about 2% from all-time-highs and buyers getting anxious on missing the dip. While the long term sentiment on /ES hasn’t reversed yet,
(green bars represent bullish bias on daily timeframe)
the short term charts do not look so great for bulls. A break below /ES 4278 should bring in more bears into this move as /ES would make a lower low in that case.
Short term resistance for /ES at 4310-4321 zone with a break above brings in some short covering with bulls targeting 4340 and 4351.
/NQ broke down from the channel and found some downside extensions as it runs into support zone 14595-14615 (20 Day MA) followed by 14530-14540.
As mentioned before, the tech earnings anticipation should find some dip buyers for /NQ. The upside target for bulls is 14800 this week
/RTY has been the weakest as it broke down from long term channel and found more sellers on intraday rips. From a long term bias, a close below 2120 on Friday should find more profit taking towards 200 Day MA at 2070s.
Intraday buy-the-dip for /RTY 2112-2119 with stops before 2106s.
/ES Market Levels 07/19
4408-4412 (Minor Resistance Zone)
4391-4396 (Major Resistance Zone)
4382-4385 (Minor Resistance Zone, All-time-highs)
4362-4366 (Major Resistance Zone)
4349-4353 (Major Resistance Zone, Second Breakout Target, Likely Reversal Zone)
4335-4341 (Minor Support Zone, First Breakout Target)
4318-4326 (Intraday Line in sand (LIS) - Bullish above and Bearish below)
4297-4304 (Minor Support Zone)
4278-4284 (Major Support Zone, Previous Pivot Low, Pullback Buy Zone)
4261-4268 (Major Support Zone, Pullback Buy Zone)
4247-4251 (Major Support Zone)
4230-4240 (Major Support Zone)
4217-4221 (Minor Support Zone)
4202-4208 (Major Support Zone, Pullback Buy Zone)
4188-4194 (Minor Support Zone)
4164-4173 (Major Support Zone)
4139-4147 (Minor Support zone)
4118-4125 (Major Support Zone)
4088-4095 (Minor Support Zone)
4061-4073 (Major Support Zone, Likely Reversal zone, Pullback Buy Zone)
4028-4039 (Major Support Zone, Pullback Buy Zone, Medium Term Pullback Target)
4008-4014 (Minor Support Zone)
3986-3993 (Major support zone, Pullback Buy Zone)
/NQ Market Levels 07/19
15124-15144 (Minor Resistance Zone)
15063-15078 (Major Resistance Zone)
14991-15020 (Minor Resistance Zone, All-time-highs)
14884-14904 (Major Resistance Zone, Potential Reversal Zone)
14787-14809 (Major Resistance Zone, Breakout Target, Potential Reversal Zone)
14729-14745 (Intraday Line in sand - Bullish above)
14666-14684 (Intraday Line in sand - Bearish below)
14595-14613 (Major Support Zone, Pre-EU Lows)
14533-14549 (Major Support Zone, Breakdown Target, Pullback Buy Zone)
14466-14483 (Minor Support Zone)
14401-14419 (Major Support Zone, Pullback Buy Zone)
14335-14362 (Major Support Zone)
14310-14322 (Minor Support Zone)
14261-14281 (Major Support Zone, Pullback Buy Zone)
14201-14222 (Minor Support Zone)
14135-14165 (Major Support Zone)
14081-14101 (Major Support Zone)
13961-13984 (Minor Support Zone)
13891-13919 (Major Support Zone)
13804-13817 (Minor Support Zone)
Futures Trades 07/19 (Intraday)
Long /ES on break above 4326 for target 4333, 4340 and 4349
Long /NQ on break above 14746 for target 14787 and 14806
Short /NQ on break below 14594 for target 14541
Short /ES on break below 42788 for target 4265 and 4253
Buy /ES on a dip into 4281-84 for a retrace into 4299 and 4308