GM & happy ATH in the Spoos to those who celebrate. Two back-to-back trend days to the upside. We talked about how the read this week was to watch for rotation to the other side of balance after ES tested the lows, failed to gain tracting, and settled. Hard to fight that kind of tape. Crude got taken apart yesterday on talk that the Hormuz deal lands this week; equities read that as free money and ran all day, and gold sat there doing nothing. Then gold woke up overnight and did more work than the other three combined, closing yesterday at 4135.3 and trading 4256.7 now, through every line July built and knocking on the month’s high. ES went through 7800 while I was putting this together, which is exactly where the ceiling sat, and there is no profile above it at all. As is tradition with price discovery at the ATH, wait for pullbacks, get along for the ride. I’d rather trade NQ, seeing as it still has a good amount of targets and structure upside. Why are we running like this? No clue. But IDGAF. Have a good day frens.
The Tape
ES opened Tuesday at 7657.5, never looked back, and closed 7764 on a 7774 POC with value 7710 to 7785.75. The overnight opened 7772, based 7771, and ran 7805.5, and it trades 7801.75 with overnight value from 7783.25 to 7799.5. That puts price above yesterday’s high, above the night’s value, and above every price August has printed. Hold 7799.5 and this is price discovery with nothing overhead. Lose it and 7791 the night’s POC catches, then 7786 Tuesday’s high and 7783.25 where overnight value starts.
