Market Analysis and Trades for 8/27

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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 8/24

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The main weekly long setup played out overnight and saw continuation at today’s open, walking up the weekly levels. Given bitcoin saw the structural break of Friday’s P-shaped profile, I was looking for (and hoping) for that to play out on NQ and ES. This spot corresponded to major weekly levels, the 50% retracement of last week’s low to Friday’s high, and AVWAP off last week’s low.

I’ve added the weekly levels in that range to the picture as this kind of reclaim after reclaim is exactly what bulls want to see.

For ES the spot was the same 6431-6435 we’ve discussed for some time:

Tomorrow NVDA 0.00%↑ reports which likely determines where NQ goes. However, thus seen recent selling as rotational as opposed to correlated selling. Until we see correlated selling across indices, dips will be bought relatively quickly.

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