Market Analysis and Trades for 7/10

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The weekly post for SPY 0.00%↑ and QQQ 0.00%↑ should be reviewed prior to this. Link to Market Analysis for The Week Ahead

The trade for today was all about yesterdays inside day. I prefer to trade the failed breaks. We got a failed break of yesterday’s low during the overnight session, took out yesterday’s high and ran to the major target of Monday’s high. From last night:

As the major 6309.75 target was met it was appropriate to be out most and on only a thin runner. The panicked bid wasn’t the best look and ES once again found resistance at the weekly 6315-6317.5 spot. An early P shaped profile formed which rendered it at risk of breaking down into a balance day. Some weakness was triggered on what was likely some hedging flows ahead of FOMC minutes and the breakdown played out. No damage was ultimately done as the weekly 6273.75-6276.5 spot held low of day and after some chop retook yesterday’s high to close strong.

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