Happy Friday, frens. The middle of this week took its best shot at the rally, and the buyers took most of it back in one session and one night. ES spent the night over Thursday’s high and is sitting right back on it now, and NQ is sitting over this week’s value with only the week’s 31065.50 high left above it. Crude went the other way, opened the night on its high and got sold every hour after that. Gold printed a new low for September on Thursday and the night bought all of it back. No strong read on any of the four, so it’s reaction spots only today, and your bet’s as good as mine. In other news the Costco Nick Indicator will fire later this morning as I make the trek to the land of $1.50 glizzies.
The Tape
ES is 7783.25, a tick under 7783.50 where Thursday topped out on the ceiling of September’s value, and back under 7790, the print the night built its whole session around. The night stacked its value from 7769.75 to 7800.25 right on top of Thursday’s, and buyers don’t build a box like that by accident. What it hasn’t done is get through 7800, the same-day lid in the options book, sitting on the 7800.75 overnight high with 7824 over it where this week’s value topped out. That 7824 is the reoffer spot if all of this turns out to be a bounce. Stay under 7783.50 and the next shelf is Thursday’s POC at 7770, with this week’s print stacked on it at 7770.75.
NQ is 30875.75, back under 30888, the print the night built on, and hanging on to 30870, the top of this week’s value, by a few points. The night ran 30999.50, two ticks under the 31000 same-day lid, and got turned back right there. I hate the big round numbers, it’s so dumb, and the market clearly agrees because that’s where somebody sold it. Buyers still built value the whole way up overnight, 30789.75 to 30999.25, so this wasn’t a thin poke through the highs. Under 30870, Thursday’s ceiling is the catch, 30819 up to the 30827.50 high.
