Market Analysis and Trades for 11/7
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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 could have gone either way. The index had sat for 2 days with relative equal lows just above its prior breakout area. Two days in a row had held during cash hours, and two days in a row had rejected its prior range from last week and Monday. From last night’s plan and today at close:
NQ offered a bit of a clue as it looked like it was being re-distributed at the Tuesday and Wednesday highs and sellers showed their hand (in spectacular fashion) premarket, harshly rejecting 797-816 with ES rejecting 41-44
Buyers made one attempt to defend the breakout level during the morning, but once it failed, longs were no longer safe until the selling exhausted out at the NQ weekly 25179-25203 spot and ES weekly 6731-6733 spot (and even then still not favored)
SPY in particular is coming into an absolutely critical area which has THREE confluent reasons why it should hold going back to April. Should it not hold, it is likely not a good sign.
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