Market Analysis for the Week of 8/9

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I will likely be monitoring and posting on gold for the foreseeable future and posted levels and commentary on Friday night which can be found here: GOLD IS ON THE MOVE

With respect to the major indices, ES sits in price discovery after a massive break to new highs last week. In this week’s plan I include my thoughts on the strength of this break. NQ on the other hand, continues to underperform, sitting well below its ATH. Will NQ join the party, or will it see continued weakness and prove this ES move to be a trap?

Last week I was looking for NQ 30069 to trade on strength above 28400.

Here’s what I’m seeing for next week:

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