Good morning. Hope you slept better than whoever was short NQ under 29292 yesterday, because that was me, and the overnight spent four hours politely proving me wrong. Meanwhile the Iran sanctions landed half as scary as advertised, crude paid back the war premium, and gold poked 4755 before coming home. Everything Monday sold got bought back before breakfast. So I’m long up here as long as 29258.75 keeps, and this time I checked twice. Deep Breath. Lets get into it.
The Tape
ES leaked lower again Monday, 7686.50 down to 7655, and closed 7669.50 in the bottom of its own value. The night fixed that: sold 7660.25 early, then built value the other way, 7667.50 to 7698.50 on a 7674.50 print, tagging 7714 along the way. It trades 7704.25 now, out the top of the night’s value and over this week’s 7703.25 high, with the session VWAP at 7687 left far underneath. Only the 7714 overnight top stands upstairs before 7744 where last week’s value begins. Below 7687 the staircase runs back through 7674.50 and 7670 to 7667.50, with Monday’s 7655 low underneath.
