GM and a Happy Jackson Hole Week to those who celebrate. It’s the last full week of August, and the tape didn’t get the memo about slow summer Mondays. NQ got sold under last week’s low overnight, and for the first time in a month of fake flushes the volume actually went with it. Somebody wanted those prices. ES got sold the same night and did the opposite, left everything it did overnight stacked over Friday’s low at 7677, walked out the bottom alone, and has spent the last hour crawling back to the scene. Gold ignored all of it and ran to a new August high like it doesn’t even watch the same market. I lean short NQ under 29292. ES only interests me if it holds 7677 through the open. Let’s have a good week
The Tape
ES did nothing Friday, 7676.50 to 7714, and closed 7691.75 inside its own value. The night gave it one look at 7703.50, sold the whole thing to 7664.25, then thought better of it and crawled back inside value before the open. The night’s business got done
