Market Analysis and Trades for 9/16

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The weekly post for SPY 0.00%↑ and QQQ 0.00%↑ should be reviewed prior to this. Market Analysis for the Week of 9/14

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Coming into today we were monitoring 6585 on ES (September contract) and the plan was to be long if sellers failed to find any traction lower:

Low of night was 6585.25 and there was a significant rally into the open which opened as a true gap up (above the prior day’s high).

NQ low of night was 24076, the area which had been well-bid Friday. Any hold of this area was a long targeting 24143 and then new highs. This also produced a large true gap up and ended up resolving nearly 250 handles with those of us who sleep likely locked out:

Indices are very obviously trending higher as discussed in the weekly plan. This doesn’t pause until a prior day low is taken out (without ending up as a bullish engulfing day). TradingView will switch its front contract to ESZ2025 (December) at open tonight, so I will reference that contract moving forward.

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