Market Analysis and Trades for 11/14
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The weekly post for SPY 0.00%↑ and QQQ 0.00%↑ should be reviewed prior to this. Market Analysis for the Week of 11/2
Today probably snuck up on a lot of people, but there were some breadcrumbs. Two days in a row NQ sellers pulled up JUST short of the prior day low. While at first it reeked of weakness (and was a great opportunity to get long intraday) it started to feel a bit suspicious given the action that followed yesterday. There was once again a scam pump overnight to overshoot the “upper effective edge,” RTH gap opened right at the lower edge and sold immediately. They do indeed have people talking about a lower high after today.
The week of 10/12 we saw a lower high that did NOT produce a lower low and sellers were forced to panic cover. Will this time be the same, or will sellers finish the job?
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