Market Analysis and Trades for 7/1
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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 6/28
Yesterday saw NQ close above its key 298891-28923 weekly level, with ES closing just below its 7497-7504 range high. This had bulls positioned well for an upside breakout. We always prepare for all scenarios, but bulls did what they needed to do overnight and at today’s open.
Overnight, NQ saw a LAAF of yesterday’s high which was a short down to 29974 with potential for 932 and maybe the weekly 891-923 for a backtest. Sellers could not even quite tag 932 and it quickly turned into a LBAF of 974 for a long.
Buyers offered no lack of clarity in their intent at the open. It was pretty hard to get into the move if you weren’t already in it, with the pullback to the weekly 30269-30293 offering a nice opportunity to join (2nd green arrow).
ES struggled between the weekly 7497-7504 and daily 7515-7517 level into the open, but buyers made pretty quick work at the open, like NQ offering a nice pullback long at the daily 15-17 level which was right at the overnight high.
Buyers retain control of short-term trend while intermediate timeframes are neutral. It is appropriate to favor longs, while preparing for two-way trading until sellers negate the short-term trend. When and where that occurs will be our focus the next couple of days so we know if it remains correct to remain long biased or if it is appropriate to once again flip.
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