August ends today and it is going out loud. The US hit Iranian launchers near the Strait on Sunday; crude opened above Friday’s high and has not traded back down to it since, and gold got walked under Friday’s low in the dark and bought every tick of it back. The indexes gave up a little ground and are still standing on the shelf they defended all last week. I have no lean in ES while we settled back near this large volume node for the last few weeks. For the black liquid gold, I am not paying up for 86. Lets have a good week, ask yourself do you have the time to listen to me whine.
The Tape
ES opened 7746.25 Friday, ran 7782.50, and closed 7722.50 on a 7722 POC with value from 7714.25 to 7749.50. The overnight opened 7723.50, added nothing to it, and sold to 7683.75 before building 7693.25 to 7714 on a 7709.50 print. It trades 7702.50, back over the 7690 and 7688.75 pair the night lost, last week’s volume and August’s floor, which makes it a failed breakdown. Hold 7693.25 and 7709.50 the print is first, then 7714 where the night’s value tops out and Friday’s begins on the same tick. Give up 7693.25 and the 7690 shelf goes again, then 7683.75, and under that it is air to 7661 where last week’s value started.
