Market Analysis and Trades for 1/22
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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 1/18
A pretty wild day in the market. In last night’s plan (subtitle “Target Met”) I suggested that my short term downside target had been met and included this same chart showing 6817.5-6821 was my downside target off a loss of 6908.5-6911. That range held all night and premarket and made for an amazing long right back to 6908.5-6911. The rejection there then made for an amazing short back down. However, bulls held a higher low with sellers finding little traction below 41.5-46 (key for today) before we got news of a bit of a Trump TACO (I guess) which saw an exaggerated move higher due to panicked short covering. This is the danger of messing around short near a major high time frame support (just like bulls learned that lesson early in the day long near 6908.5-6911).
We still have a bearish RTH gap overhead, and today’s move (for now) failed to sustain above the critical 6936-6940 reclaim. The daily is now in balance. There is currently a pattern of higher highs and higher lows but this daily balance along with the developing weekly profile matter more.
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