Market Analysis for The Week Ahead

Week of 7/13

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SPY 0.00%↑

After riding the +2 Bollinger Band for 8 day, ES reached the +2 standard deviation from the 2024 VWAP on 7/3. NAAIM also effectively hit 100. After a continuous move higher, it made sense for a pause here. Thus far we have seen sideways consolidation. If this turns into a pullback, there is plenty of room for a daily higher low.

From last week’s plan:

NQ flashed some additional warning signs during last week while ES continued its march higher via some significant dispersion/rotation. NQ will likely need to negate some of these warnings signs for ES to see an upside break.

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