Market Analysis and Trades for 8/2
"The EV of this Trade is Spectacular"
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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 8/2
Sharing the note from Friday premarket as it is an important concept that must be carried forward into this week and was discussed in the weekly plan:
We were monitoring the Tuesday and Wednesday highs (28080 and 28099.5 respectively) as a potential S/R which could trigger a LBAF of 151-188 for a long. The open look absolutely gnarly after a large gap up and failed opening drive higher, however, sellers didn’t make it anywhere near Thursday’s low and bulls stepped in.
An RTH only chart for better visualization of the Tuesday/Wednesday highs and a simple resistance/support flip triggering a LBAF of a key volume profile location (151-188).
I often caution to keep emotion in check. The overnight session had a lot of people crazy bullish. The first hour of cash had a lot of people crazy bearish. At least for the day, sellers failed to get anywhere near Thursday’s low, bulls stepped in and NQ found balance.
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