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. It can be found here Market Analysis for the Week of 7/19
The overnight session was very constructive with NQ triggering a long setup relatively early in the session, ultimately resolving for nearly 500 handles
This rally, however, only served to trigger the best short setup of the day on ES. With the weekly plan we were monitoring for a fail or LAAF of 7539-7548 which coming into the day was more safely played as a LAAF of Friday’s 39 high. Given sellers showed their presence premarket, a LAAF of the overnight high offered even tighter risk as an execution option if not slapping the clear rejection above 48 directly.
Bulls were able to take out a prior day high and overlap value higher (more clearly on NQ) and that is important, but for the most part the picture remains unchanged from the weekly plan.
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