Market Analysis and Trades for 7/25

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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 7/20

Today was rather straightforward on ES. The primary order of business was whether or not bulls sustained above yesterday’s spike (base and high). The range was incredibly small, not quite making it to 6420, so there was very little room for execution much higher than the spike.

We can see that all of the action except for a single wick took place above yesterday’s spike base and most of the action was above yesterday’s high. We got a good low and firm rejection of prices below the spike base just before open.

NQ was definitely a better trading vehicle today so if ranges remain tight on ES I’ll continue to cover both but probably personally trade NQ. We did see the continued presence of a seller in the 23420s on NQ. That ranged has been tagged something like 9 times on 30-minute candles. I’ll discuss my thoughts on it in tonight’s plan/

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