Market Analysis and Trades for 5/11
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On Thursday we had seen some weakness. This weakness could have translated into further weakness on Friday, but the massive trend session overnight once again dashed any hope for bears. For NQ, the line was 28800-28817. Above there, sellers from Thursday were trapped and it was very likely that Thursday’s high would be at least tested. After opening at 6pm on a gap down into the next weekly level, a LBAF of Thursday’s low was triggered which carries a natural target of prior day high.
Thursday was indeed a giant “LOL” for NQ in particular. We note sellers offered very little defense of 28800-28817 and once the cash session opened the squeeze was on.
ES was the same, gapping down into the next weekly level, triggering a LBAF of Thursday’s low, reclaiming its key level (83-84) and making its own run to and through Thursday’s high. I would highly recommend reading the weekly plan which includes an extended section above the paywall with my bigger picture views.
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