Market Analysis and Trades for 2/3
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The 2026 Equity Markets Year Ahead can be watched here: 2026 Equity Markets Year Ahead
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 2/1
A pretty insane 24 hours. The transmission of risk to equities (from the weekly plan) was quite clear in the South Korean markets as KOSPI. South Korea in particular has been the source of extreme leverage for quite some time, most recently in precious metals. Just look at what KOSPI has done since April. Our markets have nothing on this:
The bottom was found early in the European session (we always evaluate each session on its own) and by the time the cash session opened there was nothing for sellers to do but panic cover back above 25516-25538 NQ.
ES had the LBAF of last week’s low and Friday’s low (weekly/daily long setups) active and the reclaim of 516-538 on NQ triggered a long setup as well. Notice the incredibly aggressive open, hallmark of short covering.
Believe it or not, nothing that happened overnight and today materially changed the picture. The selloff overnight wasn’t some “attempt from sellers” to drive price lower. I’ll explain why in tonight’s plan.
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