Market Analysis for Mar 15th, 2022

Mar 15, 2022 - 10:52 AM EDT

3/15 Tuesday Recap

Morning high probability setups are considered over.

ES 4208->4185, bears defended the initial RTH open ramp and tried to fill gap/backtest into support.

RTH low at 4178, bulls made a higher lows vs 4185 key level, then eventually ramped into 4212/4225 targets, bulls won mainly with the help from tech/megacaps

NQ the easier sibling this morning, 13200->13080 first try rejection vs yesterday's key resistance

Then, aggressive buyers started to show up on the tape, especially with AAPL AMZN GOOGL MSFT TSLA, eventually ramped into our 13280-13300 target. Easy +100pts playable on both the short and longs this morning.

Now, ES battling 4225, NQ battling 13320. Harder environment because bulls would need gap up and go trend to stick. Not betting on it, likely running out of juice imho. Line in sand is ES 4338/NQ 13365 in case bulls win.

Took my chunk and leaving now

Ricky Wen is an analyst at ElliottWaveTrader.net, where he writes a nightly market column and hosts the ES Trade Alerts premium subscription service.

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