Our Post-Market Reports offer reliable analysis of the short and longer term trends, and also reviews any key details of the intraday session, while also providing forward-looking and actionable analysis.
ES bulls defended prices near MCVAL yet again, which sparked another short squeeze into 2100. Look for another test of MCVAH at 2107.25, where bears will once again look to defend for another wave of weakness within the trading range.
From Aug 6, 2015: “Look for bears to defend a retest of 4608.75 for a move into 4532 and 4496.50.” NQ bears defended two intraday tests of our 4608.75 sell level, which ultimately sparked a sell-off into 4532 and 4500. Look for bulls to defend 4496.50 for a return to 4600-30. Failure to hold above 4496.50 opens up a move into 4467.50 and 4420.
The NQ rallied through the previous week’s high price of 4608.75, but eventually sold off to close back below this level, suggesting failed range expansion may have occurred. Look for bears to defend a retest of 4608.75 for a move into 4532 and 4496.50.
The NQ continues to produce higher highs and higher lows, but appears to be losing steam. We may see another session of new highs into 4700, but any tail event should be seen as a sell opportunity for a return to 4550, which could in turn offer an opportunity for bulls to defend.
The ES finally reached the top-end of our target zone today, which spans from 2118.50 to 2126, which suggests profit-taking and new short positions are currently taking place. Failure to hold above 2118.50 will imply a likely move back to value at 2087.25, with a shot to see 2055.25 again. Keep in mind, we still may see a move into 2130s before a high is found and a reversal occurs.
