Market Analysis and Trades for 6/16
If you are looking to join the Discord (now separate from the newsletter) please see here: JOIN THE DISCORD Please email help@pharmdcapital.com if there are any technical issues. Plans/levels will be posted in the Discord so the Discord option includes Substack content but a new Substack subscription does not include Discord access.
Be sure you have read the Starter Kit, including the free section even if you’re a paid subscriber. Trading Doggy Style Starter Kit
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 6/14
Today’s cash session was rather straightforward (at least initially) after the large gap up and go Sunday night. Part of the gap was of course associated with contract roll but the gap aside, ESU2026 still left behind a 75 handle RTH gap from Friday’s high to today’s low (550 for NQ). The rules for trading true gaps can be found in the above linked starter kit but effectively if all the trade is above the open and low of the first 5 minutes then it looks like a gap up and go. There was no trade below the low of the first 5-minute today and we got a gap and go on both indices. We saw some consolidation in the afternoon for which I think we can forgive bulls after such a large move higher. Breadth was a pretty steady fade off the open which is suboptimal but again, after such a large move higher some profit taking is not unreasonable to expect. NQ remained strong as most of the profit taking was in the non-tech sectors rendering ES a bit structurally weaker relative to NQ.
Paid Content Below or in the Discord