Weekly Market Analysis and Levels | ES + NQ | 4.5.26
Lot of uncertainty with the current situation in Iran, whether or not we see peace deal or troops on the ground this week will likely be a big catalyst in how things unfold
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News for the week
We have red folder prints every day aside from Tuesday.
we do have this wild card with the situation in Iran, I believe I saw something about a press conference being held tomorrow around 1pm
Futures currently opened with a gap down that was already filled — so we will see how the overnight inventory is positioned going into the RTH open
ES / SPY 0.00%↑ NQ / QQQ 0.00%↑
Recap of Last week
We had some poor structure left behind with these moves last week.
We were left with a gap from about 6380s - 6460s in ES
Lots of volatility with the current situation in Iran, and the potential for inflation due to the rising cost of crude
As of right now, doesn’t appear that we are pricing for a hike at this next meeting
Backing out into a higher time frame, you can see where we’re at inside of structure.
Some poor structure left behind from all the news driven PA and gaps below.
Given the current situation in Iran, and the POTUS recent ultimatums seems as though there is potential for escalation if the Straight of Hormuz is not opened.
Its tough for me to make any super confident callouts aside from where major overhead supply / downside support is potentially positioned. With news driven markets, what I have noticed is that they have the potential to rotate into these major areas.
Im not an economist, so i’m not sure how ground strikes affect the market i’ll be honest. I am assuming it will cause the market to puke. But you never really know.
Overhead supply
6624 | 6653 | 6718
Downside support
6543 | 6503 | 6464 | 6414 | 6277
Line in the Sand
6624
NQ
