The markets gapped up a little and spent the first two hours inside the opening 15-minute ranges before finally heading down to fill the gaps and going lower over lunch ahead of the Fed. The Fed announcement then spiked the market for wave 1, pulled back for wave 2, and tried to turn up for wave 3 but stalled out…and closed at the VWAP, on 1.55 billion NASDAQ shares.
Net ticks: +1.5 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 long at A and didn’t work:
NQ Opening Range Play triggered long at A and worked enough for a partial:
ES Tradesight Institutional Range Play:
NQ Tradesight Institutional Range Play:
ES:
Mark’s call triggered short at A at 2090.50 and stopped for 7 ticks:
NQ:
Just a reminder that we use half points for ticks on the NQ and not the quarter point measurement that the exchanges switched to in recent years. This allows us to use 6 ticks as a key target as we do on the other contracts. It also keeps the value of a tick at $10, closer to the value of a tick on the other contracts.
My call triggered short at A at 4455.00, hit first target for six ticks, and I closed the second half at 4449.50 for the gap fill:
