Market Analysis and Trades for 7/22
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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
After trading lower early in the overnight session, NQ triggered the exact same long setup from Sunday night which was outlined last night above the paywall.
The bid that came in after 28691-28718 was tagged was merciless. Once again, Friday’s excess was protected and bulls were even more emboldened. At the same time ES triggered a LBAF of yesterday’s RTH low and was dragged (much more slowly) higher along with NQ.
NQ now sits in a major inflection area on intermediate timeframes. What happens from here most likely determines the next 800 handles.
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