Market Analysis and Trades for 8/5

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The weekly post for SPY 0.00%↑ and QQQ 0.00%↑ should be reviewed prior to this. Both the written portion and the video can be found here: Market Analysis for the Week of 8/3

Today was a pretty brutal day for the cash hours only intraday trader. Once the overnight long setup played out it never looked back. It was the only planned long setup within Friday’s range

Notice the opening drive was absolutely straight up with no pullback. NQ opened right at Friday’s high and ES opened just below it. The white box on the ES chart simply illustrates that more than 5.5 of the 6.5 hours of cash session traded in a 20 handle range (which was really 2x 10 handle ranges). If you didn’t chase the open there was very little to do intraday.

I personally was with the family Sunday night, rarely trade right at the open, and never chase an opening drive higher. So if you missed all of this you are in good company.

Fortunately, in the Discord we had added PONY 0.00%↑ RDW 0.00%↑ and INMD 0.00%↑ on Friday so that was a bit of a consolation price (okay, not really).

Sellers were noticeably absent at any area they might have defended, with the critical area being right at the cash hours high into the close. The afterhours move, however, traded through it. There are maybe 1 or 2 spots they might defend before it becomes reasonable to expect new highs, so I tend to think they either show up tomorrow or not at all.

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