Market Analysis and Trades for 12/11
This Level Must Hold
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The weekly post for SPY 0.00%↑ and QQQ 0.00%↑ should be reviewed prior to this. It can be found here Market Analysis for the Week of 12/7
Today was obviously all about FOMC, but the trading ahead of the event was absolutely amazing both overnight and during the cash session on both sides of the tape.
NQ was at risk of a liquidation break which targeted the relative equal lows at 25560-25565.
We can see the initial selloff overnight held 639 (639.25, sorry about that) and just ended up being a long. However, this produced nothing but a look above and fail of yesterday’s high. The liquidation break completed to within a hair of its target by 9:35 AM. The continued offer of 651-669 led to a proper completion of the target which did nothing but turn into a long setup (look below and fail of those relative equal lows)
Both ES and NQ had relative equal daily lows and due their location in their respective profiles a LBAF was a solid long setup and indeed proved to be a pre-FOMC trap
On ES new low of day was never made after the first 5-minutes which rendered the setup active all day.
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