Market Analysis and Trades for 2/7/25

NFP for All the Marbles?

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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.

Today was rather technical but st the same time most of the day was quite boring (though very tradeable) and the afternoon was wild (and perhaps less tradeable unless you are fast).

We have been looking for a rotation to 6107.5-6111.25 off a reclaim and hold of 6070-6073. 6093.5-6095.5 was a spot in between from the weekly plan but today the primary focus in between was 6084.5-6088.5. That range offered multiple longs overnight and during the early cash session. We were very cautious of approaching 6107.5-6111.25 as it was my last upside target for this current sequence.

The overnight high was 6106.25 and the cash session high (prior to the last 5-minutes) was 6105. We had just taken a fresh long and taken profits at 6104 before the tape flipped a bit and ultimately led to a massive liquidation through the 84.5-88.5 spot and straight to the 70-73 spot. In a rather insane move, this hold led to a reclaim of 84.5-88.5 after an initial struggle, and ended up completing the rotation to 6107.5-6111.25 ahead of AMZN earnings.

With the critical NFP in the morning I have discussed some of my thoughts on the print and today’s internals. We will also zoom out and focus on big picture levels which will help us to know if this market is still a long or if it will be a short.