Market Analysis and Trades for 6/10

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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

I chose to personally trade QQQ 0.00%↑ (NQ) as opposed to SPY 0.00%↑ (ES) for today as I felt like the setups were a bit more clean.

We saw a bit of a sell last night straight through 763-771 which led to a look below and fail of Friday’s low which was the second long setup

Cash opened and then our other setup played out:

We got the full range to 21888, >150+ from the overnight setup and >100+ from the cash hours setup.

The 21874-21888 range offered a number of short opportunities, but they weren’t fantastic given we had already traded lower first, and sellers had failed. Since we had already bullish engulf on an all-hours basis it was relatively unlikely that we would head all the way back down.

When volatility is this low it is critical to be selective with setups. For today NQ happened to offer the cleaner setups.

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