Market Analysis and Trades for 10/21
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The weekly post for SPY 0.00%↑ and QQQ 0.00%↑ which includes a free video should be reviewed prior to this. Market Analysis for the Week of 10/19
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The overnight hold of 6697 really set the tone last night and led to quite the rally into the open.
Today opened on a true gap up (see the starter kit) and there was no lack of clarity in the 5-minute opening range (see the starter kit). A sustained break of Friday’s inside day (we gap opened above it) targeted last week’s (an inside week) high. Sustaining above the inside week high (we’ll find out tomorrow) targets the top of the mother bar.
Tonight’s plan will discuss the key areas for buyers to defend on dips tomorrow to preserve or re-break last week’s high and complete the move to the top of the mother bar and new highs.
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