Market Analysis and Trades for 12/16
Another Monster Trade Awaits
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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 12/14
In the plan for today I suggested the NQ setup was the best I had seen in some time, and it didn’t fail to disappoint. The idea was to short a failed push through 25369-25388, with 402-410 as the first likely candidate to cause the failure. NQ sold hard in a straight line nearly 400 handles. ES was the same exact structural setup and sold off 65 handles.
Note the overnight session held Friday’s low and NQ found temporary balance up to 369-388 before the hard sell.
I’ll be referencing the new March contract moving forward as contract roll is taking place. We still have a huge trade setup brewing on ES in particular. NFP tomorrow seems like the time to trigger it.
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