Market Analysis and Trades for 3/11

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The weekly post and for SPY 0.00%↑ and QQQ 0.00%↑ should be reviewed prior to this. Link to Market Analysis for The Week Ahead

I actually didn’t trade today after a late day trip last night and an early morning with the time change but there were a few solid learning opportunities from today’s session. We were monitoring 5755-5758 as a key level to trigger a retest of 5724-5733.5 our key high time frame level from the year ahead. We used 5720-5733.5 for the week but 24-33.5 is the high time frame spot:

What is key to notice is that the 6pm Sunday open gapped below this spot. During the Asia session price found its feet, but never reclaimed 55-58 and never came close to filling the gap from the Friday 5pm close. This is crucial to make note of when it happens.

The Europe session opened and selling immediately resumed through 5724-5733.5 and new low of night. We came into the open with inventory extremely short, we barely saw any kind of pop at open, and selling resumed to and through the overnight low. There was a bit of a battle for control of 5665-5675 but once it was lost, selling accelerated. These are major high time frame levels that are giving way and puts any long since October off sides.

We saw a fantastic reaction off the 5565-5574 level which corresponded to SPX 5565 which is the JHEQX Q1 long put strike. A reaction was to be expected there. There has been zero technical repair, and significant risk remains. If you follow me on X you know what level I believe can print if we don’t see technical repair soon.

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