The markets opened close to flat and went lower, although the broad market moved more than the NASDAQ (ES range was still only 10 points) and then after 90 minutes, we got a Comber 13 buy signal and that was the low on the ES. The rest of the day was a drift on 1.6 billion NASDAQ shares, as most of the week will be with earnings, a key summer vacation week, and a 2-day Fed meeting.
Net ticks: -3.5 ticks.
As usual, let’s start by taking a look at the ES and NQ with our market directional lines, VWAP, and Comber on the 5-minute chart from today’s session:
ES and NQ Opening and Institutional Range Plays:
ES Opening Range Play triggered short at A and worked:
NQ Opening Range Play triggered short at A and didn’t work, triggered long at B but should not have been taken since we were short ES and this was not into a gap:
ES Tradesight Institutional Range Play:
NQ Tradesight Institutional Range Play: