Market Analysis and Trades for 8/6
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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
In the weekly plan I saw 30069 as fully reasonable on strength above 28400:
Monday put in a brief wick below 28400 and NQ ripped in a relatively straight line to 30069 at today’s high.
With price so far extended beyond the weekly expected move and such a major high time frame spot, this was no place to be long. Instead, it was a place for hedges for those exposed to tech. I added my own hedges early in the session even though I’m not particularly exposed to tech.
The rest of the week has potential to be very interesting. Was this a higher time frame lower high on NQ to make new lows, or do we now look for a higher low to get long for new highs? ES will offer some clues in the next two days as well as it comes off its all-time high.
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