Market Analysis and Trades for 11/6
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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
All that wild overnight action to open effectively flat, and the day ended up an RTH LBAF of yesterday’s low. During the overnight session, NQ tagged its 10/23 high in the weekly 25282-25292 range (an open RTH gap) and the yen reversed course 5-minutes later. NQ quickly reclaimed its multi-week breakout levels and never got past the daily 501 level during RTH. On a cash hours basis the big picture is essentially unchanged. Today’s low held the SPX breakout level (along with the 21-ema and 20-sma) perfectly, and today’s high rejected the prior 6-day range of consolidation.
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