Epilogue – 8/5/2021

Epilogue – 8/5/2021

The day ended up well and managed to break out of the trading range late in the day. Internals were strong, and the NASDAQ 100 has already posted a new all-time high. So we can now look at yesterday as the bull flag we anticipated. Also, buying on the close is always encouraging and likely is more reflective of institutional buying.

I finished the trade I was in at our Mid-Day Outlook for another 6 points per contact, and I picked up the second leg of that move for one last trade in the afternoon and another 6 points per contract. Total points today were 27 per contract.

My raw notes appear above. I may put out another update later tonight after I go through everything. Also, tomorrow will be an important day, and we will find out if the S&P 500 can achieve new all-time highs. At least today, we closed above the August monthly open (4407.75).

Lots of wedges today to guide turns on the 5-minute chart.

A.F. Thornton

AF Thornton

Website: https://tradingarchimedes.com

A.F. "Arthur" Thornton is an expert in logic, risk/reward quantification, market fractals, pattern recognition and asset class behavioral analysis with 34 years devoted to developing algorithmic and quantitative trading systems. In addition to trading his own capital, Mr. Thornton designs custom algorithmic and quantitative trading systems for a small and exclusive group of exceptionally qualified traders.

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