Market Analysis and Trades for 6/17
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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 6/14
Yesterday saw a bit of weakness in the afternoon. It was reasonable to give bulls the benefit of the doubt after such a large gap up, but that weakness translated into today’s session early on. My lean was to at least initially side with buyers coming into today, though the short setups warranted an upgrade premarket as NQ had an active LAAF of yesterday’s high from the premarket session.
ES was weaker overnight, trapped between the 7610-7613 and 7631-7634 weekly levels, but then stronger at the open. However, this led to a LAAF the overnight high and the 31-34 level and came from the exact area sellers would defend if they had intent to make a run for yesterday’s low.
After the 760 demand held two tests overnight and a third at the open (the LBAF the overnight low from the premarket update) the LAAF of yesterday’s high was solidified when 869-886 was defended from below. This triggered a loss of the overnight low and weekly 732-750 level. The overnight low, then the IB low were lost and defended from below and there was effectively no reason to want to be long NQ.
Tomorrow is a big day with FOMC, so it is a great night to re-read the weekly plan for the big picture.
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