Market Analysis and Trades for 7/14

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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

After Thursday saw a new all-time high we saw a gap down on Friday. NQ had flashed some warning signs all week really while ES remained quite strong. ANy shorts were best reserved for NQ with longs favored for ES trades. The Wednesday night NQ short at the 22060-22069 spot was fantastic and the NQ short from the Thursday night plan triggered early in the evening as it had the night before. From the Thursday night for Friday:

The NQ weakness has been the primary concern for indices moving forward. The index is fully capable of finding strength quickly and ferociously, but if it remains relatively weak then we will need to see continued rotation into non tech SPY 0.00%↑ components or we likely finally see a bit of a pullback in ES as well.

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