Day Pivots: NQ, ES

Going into today, the stocks set-up with a 'bullish' bias on the back of a strong close yesterday 'above' the '1 day pivot'. This is the first time in 2 weeks that the major indices managed to close above this 1 day pivot level. The 2 charts below show the NQ and ES on a 15min interval. We can see the activity oscillating around the 'pink' 1 day pivot area, which is a visual regression of the previous days trading activity, and with a close above this 'band'.

The charts below are updated and reflect '3 day pivot range' on the hourly chart for NQ and ES. The critical levels for NQ today are 2351 - 2335 as per the blue arrow overlay. Any closing today either above or below this level will suggest the directional bias. I will re-establish my core short position if the NQ closes today below 2335 and use the intraday activity as a set up to create that position. If the NQ closes above 2351 today, I would still need to see 1 more daily close above the 3 day pivot range to indicate that the market may be ready to move off these low levels and trend.

The same logic applies to ES. The blue arrow below shows the inflection points at 1165-1158. Again, closing prices above or below this pivot applies the same ideas as described above.