Market Analysis for The Week Ahead
Week of 6/29.
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Coming into last week the indices in the midst of a short time frame downtrend. Therre was plenty of room for a daily or even weekly higher low, and the only question was where that would be. The first test for sellers would be finding an ability to trade below the prior week’s low 6003.25. Any failure from sellers to do so was a swing long setup. Once 30-minute structure shifted back to the upside, a daily higher low was in place and the index never looked back. From the weekly plan:
The bullish engulfing week and much more came from there.
Both ES and NQ (along with their cash indices) made new all-time highs. This massive break, should it sustain, brings with it significant upside targets. Even if it fails, there is once again plenty of room for a daily higher low to form. Bulls remain in full control until/unless we see a shift in major market structure back below the breakout
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