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Market Wrap for 8-2-18 (video)

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Market Wrap for 8-2-18 (video)

End of day market wrap for the US stock market via SPY, QQQ, ES & NQ, including some near-term levels & technical developments to watch for.

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2018-08-02T17:51:35+00:00Aug 2, 2018 5:51pm|Categories: Equity Market Analysis|Tags: , , , , , |3 Comments

3 Comments

  1. joefriday August 2, 2018 9:40 pm at 9:40 pm

    Im leaning to today being a countertrend rally… next wave down coming next.

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    • rsotc August 2, 2018 10:29 pm at 10:29 pm

      Thx JF. So far both /ES & /NQ turning down off resistance on the 60-minute close in evening trading but as of now, those pullbacks are taking the form of potential bull flag continuation patterns & that is one heck of a flagpole leading up to the flags (i.e.- big measured upside targets if they do play out).

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      • BIGBADWOLF August 3, 2018 2:00 am at 2:00 am

        IMHO bulls just reclaim the midpoint of the recent swing low to swing high on QQQ. They are now at the midpoint of the upper half. A fail here will bring us back to the midpoint of the lower half, roughly 172. But we can also rally to the highs, and a fade there, likely with divergences, will lead to a bigger move down to 6/28 low and potentially breaking that level.

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