Market Analysis and Trades for 7/16

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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 major focus for today was the box range in which ES had been consolidating. The index traded to a new high on CPI but immediately rejected back in range at the cash open and saw nothing but lower highs back through the range. From last nights plan and now:

The bid certainly vanished today. The question now in front of us is whether or not the bottom is still defended or if bulls now require a deeper pullback to get involved after today’s failure.

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