Market Analysis for the Week of 8/16

ES, NQ, GC

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I’ve included updated GC levels and commentary within this week’s plan instead of a dedicated post like last week. I will continue to do so for the foreseeable future.

ES remains in price discovery, and my major target has not yet been reached. NQ has been firm but stalled at an incredibly important area this past week. Summer trading is very much in full effect, so participation and volume has been quite low. This tends to render the action choppy, sloppy, and trappy which we certainly saw this past week. I tend to expect that this week (likely the early action) will begin to set the stage for how September will trade. A lot of people are calling for a significant pullback in the fall which is often the case. I have no interest in operating under this assumption. These moves rarely come out of left field, so I will be monitoring the action and profiles closely these next couple of weeks to assess how likely it is to occur. Based on this week’s action we could just as easily see accelerating upside into September.

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