Market Analysis and Trades for 7/24
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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
NQ has been my primary focus the last few days, and in particular its resolution at this major resistance. I said I expected an 800-handle move from this spot and we got that today. The weekly 29247-29269 (up to 284 for last night and today) formed the bottom of this resistance.
I am extremely objective about price 99.9% of the time but I made my bias known yesterday that I would be short until buyers bid 29400 from above or until we got a liquidation break. High of night was 29282.5 and the selloff began.
We got that liquidation break and NQ resolved 850 handles lower (815 from the bottom of the 29247-29269 where it was time to cover (at least for day trades and for me a fair portion of a swing).
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