Market Analysis and Trades for 6/11
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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 6/7
I was a bit skeptical of yesterday’s rally into the close, and we saw that manifest a bit today:
On NQ we saw the reactive bid come in on the dip below 28663 overnight. At the case open we got a quick LBAF of 28800-28817 for a couple of nice trade opportunities on the long side. The fun for bulls was over, however, on the LAAF the IB high. Bulls tried to defend 663 multiple times but it ultimately flipped to resistance into the close.
ES was weaker overnight and 7345-7350 was cleanly lost and flipped to resistance. This led to a move to the demand in the 7290-7310 range about which I was skeptical (overnight low 7305.5).
It held overnight, 7345-7350 was reclaimed, and the open saw a quick LBAF of 7345-7350 which triggered a long to 7406-7415. A short of 7406-7415 was the top rated setup and put in high of day.
Once 7345-7350 flipped to resistance bulls were in trouble the rest of the day.
Sellers remain in control of short time frames. In tonight’s plan we’ll discuss what buyers would need to do to negate this, along with additional downside targets should sellers continue to press.
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