Market Analysis and Trades for 8/19

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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 8/17

Today was an excellent lesson in patience and selectivity.

After a large opening drive higher on Sunday night (I’m not entirely sure why sellers felt the need to panic cover), both ES and NQ hit their key resistance and faded the rest of the night into the open.

NQ put in high of night at 23881.75 and ES 6484.25

This then set up the long setup on ES during the premarket session, with NQ’s long setup playing out during cash session. Because of the large test higher first and fail overnight, these long setups showed little follow through, with NQ performing a bit better because the failure from sellers took place during RTH. It was because of this that I personally traded the NQ long today instead of ES and revised my target for the day trade portion downward.

The planned setup:

The setup was even better because today’s IB low sat two ticks from Friday’s low AND because the overnight low had already been taken out:

The 23816 target hit into the close where I personally closed the day trade but still hold runners in my swing account and will until the technical stop is violated.

It was definitely a very sluggish look today but objectively very little changed. The weekly plan and really the plan for today remain intact though I’ll add a few minor adjustments into tomorrow.

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