Market Analysis and Trades for 3/14
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The PharmD_KS Indicator script has now been updated and automatically converts the ES levels to either SPY or SPX per your preference. The link can be found here PharmD_KS Indicator Script V6
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
Last night’s post was a pretty bearish post. Effectively, my bias was that buyers had failed enough times to reclaim 5630s and therefore 5530s were likely to be revisited.
Today’s high came nowhere near putting sellers in any danger. Price made its way to and through our 5532.5-5535.5 level down to 5509.25 low of day where we covered shorts as it was clearly going to be at least low of day.
Buyers still have accomplished nothing, but I did (obviously) see some things I liked at today’s low to give me reason to believe it would rip higher and have the potential to be a swing low. It may be sexier to call a bottom, but I would rather identify an area and reaction that has the potential and then wait for confirmation before making a call.
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