Archive / London session

London Open Briefing — Wed, Aug 19

      Published August 19, 2026 · London session open · ES & NQ futures, translated to SPY/QQQ
    

Leaning bearish 25/100

Tone

Both ES and NQ remain in a persistent multi-session downtrend, consolidating near the bottom of their visible ranges ahead of European trade. Price action into the overnight session has shown minor basing attempts, but rallies continue to post lower highs against heavy overhead supply. Bias remains structural down until either index can reclaim previous swing breakdown levels.

Key levels — futures & ETF equivalents

      ES overnight support
      7696.00 (SPY ~$769.60)
    

      ES breakdown resistance
      7738.00 (SPY ~$773.80)
    

      NQ overnight support
      29445.00 (QQQ ~$718.17)
    

      NQ prior swing resistance
      29685.00 (QQQ ~$724.02)
    

Positioning views

SPY premarket levels QQQ premarket levels ES overnight levels NQ overnight levels

Market Structure Academy

Market Profile POC VAH VAL Overnight inventory Failed auction Overnight high/low Previous close

On the calendar

UK inflation data (GBP CPI) and an upcoming speech by ECB President Lagarde provide the main macroeconomic backdrop for the London open. Broader risk sentiment remains influenced by ongoing geopolitical friction and energy market movement.

News backdrop: Neutral · 47 macro headlines, last 24h (Alpha Vantage)

Published as it was generated, exactly as delivered to subscribers at the time — not edited or curated after the fact. Informational commentary only, not trade signals or personalized financial advice. New terms? See the glossary.

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