Market Analysis for Aug 12th, 2022

Aug 12, 2022 - 10:51 AM EDT

This morning tried to pump into 4250, but there's no buyer continuation nor acceleration to the upside so we bailed on scalp longs immediately when things fizzled out.

In addition, I do not want to short here on a Friday vs. a trend week as explained as it's against statistics. Easy way to get wrecked.

Think the bigger swing short could appear next week if my theory is correct per nightly reports.

Overall, we made 5 trades this week. 2 winners, 2 breakevens, 1 loser. Capturing 41.75 ES points for this week.

I'm gonna call it a week here. Market conditions do not favour my setups here so won't force any trades. (do not overtrade on a Friday!!!)

Ricky Wen is an analyst at ElliottWaveTrader.net, where he writes a nightly market column and hosts the ES Trade Alerts premium subscription service.

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