NQ1!, Long Weekend Risk Off

The Globex buyers managed to break the resistance but couldn’t sustain the high prices which attracted the sellers before the day session. That started to unfold as a false breakout pattern and led to a liquidation move back to previous low. Considering a long weekend ahead it was inline with the risk off idea. The month ended at the monthly point of control. If the buyers continue to defend today’s low they have a chance to turn around otherwise it could lead to a retest of 7600, 7550 and lower. The market continues to be neutral and confined within a large range offering short term trading opportunities for both sides.

Have a great weekend.

8/30/2019