Weekly Market Outlook ES NQ NKD | SPX Gamma Levels 05.11.26
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I use Fibonacci sequences as the core of my analysis, combining mechanical levels with contextual zones drawn from auction theory.
Mechanical levels help me map out potential support, resistance, and distribution zones so you can see where I expect buyers or sellers to step in
I color‑code these levels so they’re easier to follow on your charts:
blue = potential discount zones (support),
purple = “line in the sand” levels I expect price to defend
red = premium zones (resistance / distribution)
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News for the week
These are our red folder events for the week — no news Monday
JPY news prints for this week
Earnings
There is a little bit of divergence here off the open in ES and NQ —
so depending on what happens in the overnight session will kind of dictate the direction.
NK / 6J
where as nikkei gapped up and sold off. — but what’s interesting here is that 6J is holding a counter sequence off that high.
ES — recap
Here is what we were left with after last week
fridays session had that pump off of the open followed by some consolidation as we went into the EOD
looked like some distribution to me in the flow
This is important to keep in mind that distribution =/= price is going to necessarily sell off.
It means inventory is being distributed, and balance is forming, then we can watch for a rotation in either direction.
Multiple unfilled gaps below — again that doesn’t mean we are going to fill them, it means there is poor structure below.
If sellers catch some steam you can look to play these gaps but I would also be cautious chasing price into these gaps.
NQ — recap
Completion of those upside targets in NQ. Similar to ES — poor structure below, and we closed above our premium levels.
with news prints this week we can expect some hedging / positioning on Mon so depending on the overnight action and where we open relative to prior days balance will change a bit of my levels.
I’ll try to get up early and send out some levels in the AM
SPX gamma
