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The weekly post and video for SPY 0.00%↑ and QQQ 0.00%↑ should be reviewed prior to this. Link to Market Analysis for The Week Ahead
Be sure you have read the Trading Doggy Style Starter Kit. I will be adding to this over time, likely first focusing on example executions. Trading Doggy Style Starter Kit.
The weekly plan included a (free) video covering our prior and continuing concerns on QQQ 0.00%↑ It will be important to see how NQ opens and trades on Sunday night.
On Friday SPY 0.00%↑ opened on a true gap up (above Thursday’s 6116.25 high ). We were looking to be long above our 6117-19 spot targeting 6137-39 and 6143.25-6144.5
The open was straightforward, holding 17-19 from above and proceeding directly to both upside targets. We all know what happened in the afternoon, but money was there to be made on the long side early. We can see the acceleration in selling once it failed back into Thursday’s range in the afternoon.
As covered in the weekly plan, the Sunday night/Monday open will be quite important. After the bell and after futures closed, SPY 0.00%↑ bled out another $3 (30 handles on ES). It will be interesting to see if this move sustains and translates into the futures open