Market Analysis and Trades for 8/6

I'm Short. Come Get Me

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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

The big question for this week was whether we traded higher or lower first, and how price responded there. We traded higher first and got a gap fill reversal off Thursday’s close. We took puts in the Discord yesterday as close to the weekly 6358.8-6366 range as possible and had only a brief sweat this morning. From the weekly plan:

Bulls are still okay as long as Friday’s high (and now really Monday’s low) are protected, but testing higher first and failing is generally a poor look. This market has been quite strong for some time, and nearly impossible to fade. I am doing just that. In tonight’s plan I’ll discuss what would invalidate this for me along with downside targets and where I would look to add to the position if indicated.

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