Market Analysis and Trades for 7/21

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The weekly post for SPY 0.00%↑ and QQQ 0.00%↑ should be reviewed prior to this.

On Friday ES reached the 6350 target implied from the break of February’s ATH and QQQ reached (finally) the same extension off the 2022 low that had stopped SPX and DIA 0.00%↑ ahead of the Q1 correction. Bulls remain in full control, but some prudence up here into August is not unreasonable.

ES opened on a true gap up (above Thursday’s high) but liquidated a bit at open, filling in some of Thursdays poor structure. Both Friday’s low and close sit at key structural areas with some potential for a 2nd failed break of this recent range. The implications and targets for both a break and failed break of the range are discussed in the weekly plan. The daily plans will cover how we will execute around these areas.

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