Market Analysis and Trades for 3/17
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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
I have posted an update to AMD for the week. See here: AMD Update
On Friday buyers accomplished their first key technical reclaim which was 5565-5574 which set us up for taking longs for the first time in a while. From the plan the night before and the morning update:
We can see that bulls had cleared and flipped the 5565-5575 range to support overnight and ripped to 5607-5609 at the open. The reaction off 5607-5609 was stiff, and then consumer sentiment was horrible BUT sellers failed to get through 5565-5574 which allowed for completion of the rotation to 5618 and 5630s with an end of day spike into the 5641.5-5646 spot.
The move on Friday was nice, but the real test comes this week. Do we consolidate further in this range or do we break one way or another? If we break to the upside, is it to make a lower high or was this low of year?
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