Market Analysis for the Week of 7/26
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NQ finally came down and took out the June low on a continuous, non-back adjusted contract on Friday. This sets up an incredibly important week as we head into August. This past week I outlined reasons why a pop to start the week was likely, with NQ and SMH in particular coming off major support. However, I also suggested that trading lower first and failing would be more bullish than trading higher first. Both turned out correct as we saw a relief rally to begin the week, which then set up arguably the biggest trade of the quarter on NQ. In the plan for Thursday, I expressed my intent to take nothing but shorts until 29400 was bid from above. I further outlined the important of this general area and was looking for an 800 move from this spot. The short setup on Thursday was perfect and resolved for just over 800 handles to Thursday’s low. From Thursday’s plan:
All eyes are on NQ here this week and my expectation is that the trickiest and most complicated scenario is the most likely to occur.
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