Market Analysis and Trades for 6/23
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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 6/21
It was a pretty wild 18 hours from the Sunday night open to today’s close. Both ES and NQ are in a very large multi-week balance so two-way unbiased trading has been the name of the game.
The ES and NQ long setups for the day triggered on Sunday night and were absolute monsters.
The NQ LBAF of Thursday’s low ran for >630 handles from the Sunday night low to today’s high.
The ES long from the 7504-7515 range ran for 86 handles from Sunday night’s low to today’s high in the 7598-7602 weekly range. It certainly warranted to the A+ rating
After the nasty rejection, ES flirted with the 7536-7542 level for the rest of today’s session.
We carry forward bearish elements in today’s profile, with bulls having their work cut out for them. Again, this is a large multi-week balance, so anything goes. It makes for amazing two-way trading but can be a biased trend trader’s nightmare.
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