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. It can be found here Market Analysis for the Week of 8/2
ES didn’t even test its first support overnight. NQ tested its first and that long setup setup was low of night. My bias was fully to the long side, and considering I’m known as being a bear (skilled on the short side anyway) that’s generally a sign that shorts are unlikely to bear meaningful fruit.
The long setup on NQ was to long a hold or look below and fail of 28847-28865:
In the strongest of uptrends, it is common to get one reasonable dip buy in the prior day’s range and that’s it. Often, and in this case, it was overnight. The entry was never remotely threatened, and the session was a trend session quickly thereafter. Both ES and NQ opened on a true gap up and turned into a massive squeeze / lockout rally with few to no opportunities to join.
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