Market Analysis and Trades for 7/8
Who's Been Lying?
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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 Trapped: Market Analysis for the Week of 7/5
After the rejection at 30069-30100, 29923-29969 was lost and offered and we got the weekly rotation down to 59569-29595 overnight for an absolute monster trade. The 740-769 level was defended from below leading to today’s true gap down which opened right at the 569-595 level and sold hard with no interest above the 5-minute OR high or open. See the rules of trading true gaps from the starter kit if you need a refresher. This got us to the major weekly target of 29269-29328
As of now buyers were able to defend the dip below last week’s low opening the possibility of a look below and fail week. However, ES hilariously has a look ABOVE and fail week in play. Sellers are in control on NQ with far less certainty on ES. Tomorrow will be a big day to see if ES or NQ has been lying.
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