Market Analysis and Trades for 7/23
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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
Another wild one today inclusive of the overnight session. Today was a great example of how we need to be prepared to flip bias in an instant. After laying out some of my concerns that yesterday’s apparently bullish action was actually distribution, NQ in particular sold off all night
I had been preparing to continue selling NQ into today. However, at the tail end of the premarket session, we got a classic “Trump Toilet Tweet Tape Torpedo” with a high volume sell into the 28945-28969 level which happened to correspond to roughly a 0.618 retracement of this week’s low to high.
NQ ran 400 handles from that low and ES made it to yesterday’s high on the LBAF. However, ES bulls once again failed to have much luck in the 7550s and NQ stalled in the same area as yesterday. I said last night that I think this range on NQ decides the next 800 handles and I stand by that. I do think we’ll see a ton of “FAFO” around tech earnings, but the ultimate resolution should be significant.
Watch me get grumpy and reconsider my plan for today on that Trump tape bomb into the overnight low in real time
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