Market Analysis and Trades for 8/7
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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
After yesterday morning’s warning in the Discord, NQ saw continued weakness overnight.
I was looking for 29269-29369 following the 30069 failure on any traction below yesterday’s low. Most likely we would form a 3-day balance above the bullish RTH gap and did so today.
The 29269 target was tagged in the first 5-minutes on a rather large gap down, so a cover response was no surprise.
With NQ unable to reclaim yesterday’s spike, this meant infinite chop into the close. The 3-day balance visualized on an RTH only chart:
From here we make a more meaningful decision.
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