April 26th, 2024

We have a tradeable low. The daily Bollinger Bands have stopped expanding outward and have moved inward, signaling a low that we can trade off of in ES, ZN, and RTY. NQ is still in range expansion, but I expect that if we close positive today, they will also have a low we can trade off of.

Will this be the low before we head to new highs? I think that is very possible, but as always, I will take it one step at a time and trade the journey from one price level to the next. For now, I am looking long in ES, ZN, and RTY to their first targets.

ES 5063 is key support with an initial target of 5186.

RTY 1977 is key support with an initial target of 2050.

ZN 107’15 is key support with an initial target of 109’06.

Until I see daily closes below support, I will look to trade the long side in these markets. For swing positions, I will keep stops below those support levels.

The key is to be small and withstand the volatility as I expect a thin tape. Keep it light and tight, and have a wonderful weekend!

Cheers, DELI