Market Analysis and Trades for 11/25
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The weekly post for SPY 0.00%↑ and QQQ 0.00%↑ should be reviewed prior to this. It can be found here Market Analysis for the Week of 11/23
After the Sunday night gap up, there was very little activity from sellers outside of a rather silly 30-minute candle at 4am. That is the opposite of how strong sellers do their selling. NQ offered a bit of a clue of their weakness at the overnight low and we saw this translate into NQ relative strength today:
The opening drive on NQ ripped straight through Friday’s high, and only briefly wicked back below on the brief pullback that ensued. From there it simply climbed the weekly levels.
Was today just a short covering rally that will unravel tomorrow, or is the end of year rally upon us?
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