I’m not sure what to make of yesterdays session. Gold ripped. Crude died. ES & NQ decided to just fall on their face. Choppy/sloppy day in the indicies. Tough day to trade. I walked away after a few scratches to basically break even on the day. Last night NQ printed 29364.75 in the dark and has spent the morning crawling back to the line it lost, and gold ran 4363.80 and gave most of it away before the pit even opened. My lean is with ES over NQ until tech quits printing lower lows. Ideally, if we get some weakness, perhaps look around 29,200 for an entry long. That being said, we have some weird structure this week, so retracement shouldn’t surprise anyone. The less you think the better you will trade.
The Tape
ES opened Wednesday at 7809.75, printed 7820.25 in the first stretch, then sold the rest of the session to close 7747.75 on a 7765.75 POC with value 7746 to 7795.75. The overnight opened 7756.75, put its low in at 7747.75 on the exact number Wednesday closed at, tagged 7770.75, and built value from 7755.75 to 7764.75. It trades 7759.50, riding the 7759.48 line the session has worked around all night. Hold 7755.75 and 7762 the print the night parked on and 7764.75 its lid are the first work, with 7765.75 Wednesday’s POC on the same shelf. Lose it and 7747.75 is the overnight low and Wednesday’s close on one price, with 7746 its value floor a tick under and 7635 where August’s value starts below all of it.
NQ opened Wednesday at 29975, printed 30074, and sold every hour into a 29606.50 close on a 29772 POC with value 29693 to 29946.75. The overnight opened 29569.50, failed at 29679, and went to 29364.75 before the morning bought it back, parking value from 29441.25 to 29579.25. It trades 29445.50, right on the base of that value after reclaiming it. Hold 29441.25 and 29500 the night’s anchor is the first test, then 29521.93 where the session has traded and 29579.25 the ceiling the night made. Lose it and the gate is 29364.75, with nothing built between there and 28944.20 where August’s value starts.
