Market Analysis and Trades for 5/29
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The weekly post for SPY 0.00%↑ and QQQ 0.00%↑ should be reviewed prior to this. Link to Market Analysis for The Week Ahead
QQQ 0.00%↑ had a look above and fail of the top of its range at open which led to some weakness into NVDA 0.00%↑ ER.
The top of this box corresponds to the 21520-21560 range on NQ. The sell into the NVDA 0.00%↑ release came into the weekly 21320-21340 spot with the low on the release at 321.25. NQ became key today as it was at the top of its range. An upside breakout on NQ/QQQ likely leads an ES/SPY upside breakout. If this sustains as a failed breakout we can see some continued weakness. Thus far the NVDA results have been well received and NQ is coming back into the 520-560 range.
We played the short side early on the failed breakout, then later flipped to look for longs.
Price is still making higher daily highs and higher lows. Until/unless we start seeing traction below a prior day low, that won’t change.
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