Market Analysis and Trades for 9/4

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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 8/31

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The first order of business on ES SPY 0.00%↑ for today was whether or not buyers could sustain above yesterday’s spike at 6425-6427.75.

The GOOGL 0.00%↑ news after hours drove price through the spike and to last week’s low. Failing initially to sustain above it, price pulled back to the spike making low of night at 6425.5 for a very sweat free long up to the major 6460-6462 spot premarket. Buyers made a second push after a pullback at open, but again failed to sustain above 6460-6462. This led to yet another test of the spike late in the day. There was quite a battle but ultimately bulls prevailed sending price all the way back to 6460-6462 again.

Today’s range renders things rather straightforward into tomorrow. I’ll share part of my subjective commentary from last night to illustrate why:

Neither side had/has controlled this range ahead of today. I thought there was a chance that sellers may control it but as of now we just dropped today’s range right into it. Therefore, the break of today’s range (with continuation) will be key.

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