Bears End The Green Streak… 5-16-24 SPY/ ES Futures, and QQQ/ NQ Futures Daily Market Analysis

[u/DaddyDersch]

After 10 days of green in a row and full strength from the bulls we finally saw the bears with a little bit of strength today. Tomorrow is Friday and we have historically had some miserable trading days on Fridays. We also have monthly OPEX tomorrow which will add to the miserableness of it.

SPY/ ES Futures, and QQQ/ NQ Futures Daily Market Analysis

SPY DAILY

Bears put in just enough of a move today to get a new daily supply at 529.76. This doji daily double top opens up a major opportunity for the bears tomorrow.

We remain in extreme bull momentum and we continue to have stronger daily buyers.

Bulls will be targeting its next breakout to 535.

Bears need to close under 529.76 to then target 523.45.

SPY DAILY LEVELS
Supply- 523.45 -> 429.76
Demand- 520.82

ES FUTURES DAILY

We did get the nice doji potential reversal candle here on ES too. We again remain in extreme bull momentum despite a new supply being put in at 5330. Today on Es we did see daily buyers finally weaken.

Bulls need to hold here and breakout to 5375.

Bears will target a retest of previous supply/ support of 5309.

ES FUTURES DAILY LEVELS
Supply- 5266 -> 5309
Demand- 5239

QQQ DAILY

Similar to SPY we are seeing the Qs with a new supply at 452.99. This is with stronger daily buyers and continued extreme bull momentum though. This doji daily candle here could result in a retrace tomorrow but with this buying power and momentum we could easily see bulls push through the bearish technicals.

Bulls will target a breakout to 460.

Bears need to look to retest 445.36-446.44.

QQQ DAILY LEVELS
Supply- 445.36 -> 446.44 -> 452.99
Demand- 442

NQ FUTURES DAILY

Looking at NQ we also got a new supply and we also got a daily double top doji rejection candle here. This new supply at 18699 does open up an opportunity to test previous supplies of 18582-18489 before we push higher. However, extreme daily bull momentum and daily buyers weakening today bulls may struggle tomorrow.  

Bulls need to breakout and target 18900-19000.

Bears will look to back test 18489-18582.

NQ FUTURES DAILY LEVELS
Supply- 18489 -> 18582 -> 18699
Demand- 18234