Market Analysis and Trades for 7/7
If you are looking to join the Discord (separate from the newsletter) please see here: JOIN THE DISCORD Please email help@pharmdcapital.com if there are any technical issues. Plans/levels will be posted in the Discord so the Discord option includes Substack content, but a Substack subscription does not include Discord access.
Be sure you have read the Starter Kit, including the free section even if you’re a paid subscriber. Trading Doggy Style Starter Kit
The weekly post for SPY 0.00%↑ and QQQ 0.00%↑ should be reviewed prior to this. It can be found here Trapped: Market Analysis for the Week of 7/5
Some excellent trades today on both ES and NQ as we look for two-way trading in this multi-week balance. ES has been structurally stronger than NQ so shorts were better reserved for NQ rather than ES.
The NQ A+ short setup played out early in the overnight session resolving for 300+ before finding its feet (as the ES long setup triggered) and rallying into the open. From last night’s plan:
It was a bit tricky to execute, but the daily 30007 level capped the overnight action, ultimately triggering the look above and fail of 923-969. As mentioned above, ES triggered its long setup as NQ found low of night just shy of the 650-665 target.
I was a bit more cautious in selling the 923-969 at open which turned out to be both right and wrong as it actually worked another two times into and at the openbut ultimately resolved higher:
We note that indeed the entire range between 923-969 and 30069-30100 warranted caution. Buyers were able to bid 923-969 from above (941.25) to find a final drive into high of day but still as of yet unable to lift 30069-30100.
The ES short (LAAF of 7566-7569) worked overnight before triggering the long setup (inability to get through 7540. The honorable mention 53 put in the cash hours low of day and once the 75-76 daily level flipped to support ES found the weekly 7598-7604.
ES remains structurally stronger, comfortably above its intermediate time frame inflection range from last week while NQ remains at a decision point. With both indices comfortably within a multi-week balance range, two-way trading will continue to be expected
Paid Content Below or in the Discord