Market Analysis and Trades for 7/29
Buckle Up
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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 7/26
The short setup for NQ played out immediately at open last night as it failed 28228 and trended lower all night (ultimately resolving for 600+ to today’s low) until KOSPI closed with NQ sitting in some demand. There was a relief pop into the open, but NQ opened right in the weekly 27941-27969 level, failed the 27996 honorable mention level for today, and sold straight to the May low which was a major target on continuation below the June low. From the daily plan and weekly plan respectively:
There was some very decent buying at the low and frankly some horrific selling (aggressive in this case at poor location) and the result was a nice cover rally. We did see a fair amount of initiative buying come in as well, forming a double distribution profile to the upside and leaving behind a key area of defense for tomorrow.
ES was firmer overnight but triggered its short just ahead of the open resolving to its target of the weekly 7420-7424 target, falling just short (maddeningly) of yesterday’s low, last week’s low, and the 6/28 week low.
Bulls have a setup to work with tomorrow, with FOMC and earnings after the bell to likely decide matters.
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