Last full day of summer, which means North Texas is still hot enough to make the pumpkin candle feel fraudulent. ES and NQ cleared last week’s highs overnight, crude fell through another trapdoor, and gold crawled back onto the month’s busiest shelf. I have no strong read in ES, NQ, crude, or gold. All four are sitting at places where the first hour matters more than whatever happened while normal people were asleep. Monday can show its work first.
The Tape
ES is 7764.00, wedged between August’s 7763.25 value floor and the overnight ceiling at 7770.25 after clearing everything Friday and last week built. Friday was a rotation day that closed right on its 7712.50 POC, then the overnight auction moved the entire conversation upstairs. Value followed the move and built around 7760, so this was more than one lonely poke above the old highs. Hold the August floor and buyers get another shot at the 7771.25 high, where the profile gets thin in a hurry. Fall back through 7760 and 7758.25, and the next clean structural catch is 7743.75.
