Happy Monday Traders,
It seems that the market forgot what happened on Friday afternoon, as we went straight up during Globex. Not even a minute of doubt. You love to see it.
It’s August, a month different than most of the other ones. I invite you to do some historical research on the Price Action during this time of the year.
Shill corner
Limited 90% APEX PROMO - Great time to buy a couple of $50k evals for less than $30 (you can buy up to 20).
1-on-1 coaching: you can book 45m with me here
As you can see on the top right of the chart, we already did 50% of the average daily range and up 0.4%. No need to pay attention to the larger red circle on the left of the chart, as it was during the weekly close, which can’t be treader as a regular candle.
Even though I was looking for a strong day last Friday, I changed my view early in the afternoon and alerted on Twitter my short, which was my best trade of the week. A great way to go on the weekend.
Last week I gave 13,350 in my weekly plan (green line below) on the hourly chart.
Clearly, bears have been in control last week. In the below chart, we see the weekly action of the last 4 major US indexes. NQ, in blue, led the way (to the downside).
The zoom on the overnight action shows NQ and RTY being the most bullish so far. However, I wouldn’t give it too much way. A Sunday night action is rarely predictive of what will happen in the week. On a more general note, Mondays are the lowest vol day (in terms of volume).
When it comes to the major stocks of QQQ 0.00%↑, some interesting things to note. META 0.00%↑ AMZN 0.00%↑ NVDA 0.00%↑ all look stronger than ever. AAPL 0.00%↑ took some beating after earnings last week.
Calendar
We have a pretty calm week (welcome to August…), with most of the action packed at the end of the week (similar to last week). All times are NY time.
Monday: N.A.
Tuesday: N.A.
Wednesday: N.A.
Thursday: Core inflation at 830 AM.
Friday: PPI at 830 AM, Michigan at 1000 AM.
In terms of earnings, it’s pretty soft for NQ.
Additionally, you might have seen this chart shared on a few large accounts over the weekend on X. I stole it from TheShortBear, and even though it’s about the S&P, it’s very interesting.
Here are the levels I’ll be looking at this week.
Shill corner
Limited 90% APEX PROMO - Great time to buy a couple of $50k evals for less than $30 (you can buy up to 20).
1-on-1 coaching: you can book 45m with me here
Have a great week.
— RC