Market Analysis and Trades for 8/15

Boomers are Booming While Tech Remains Hung Over

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The weekly post for SPY 0.00%↑ and QQQ 0.00%↑ should be reviewed prior to this. Market Analysis for the Week of 8/10

After an absolutely nasty PPI this morning, ES did nothing but back test its prior 6-week balance high overnight which triggered a LBAF of yesterday’s low for a long. We were using 6451-6454 as a range for the prior 6451 high. Low of night was 6453.25 and after a brief battle for yesterday’s low into the open, buyers reclaimed it and were off to the races. As of now the key back test has held and buyers continue to maintain in this week’s upper distribution.

The better shorts were to be had on NQ. Failures in and above the 23952-23969 repeatedly produced rotations to the weekly 23885-23903 spot and obviously lower on the PPI data. NQ produced plenty of nice longs today as well but I preferred ES (or YM really)

NQ still (and again) has some rather bearish characteristics but as of now is still holding where it needs to. The strength of YM is keeping ES strong relative to NQ but again they are both still technically fine in spite of weakness at times.

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