Market Analysis and Trades for 3/21

He's Back

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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

Things continue to be tricky with pops being sold but no downside technical damage (yet) being done. For this week we have been monitoring 5686-5689 as a major area for bulls to hold. This was effectively the breakout from last week’s value and now this week has left a key profile characteristic roughly there as well. One could reasonably tweak this spot, but we can clear see its relevance.

Yesterday’s late rip followed by an overnight selloff was eerily similar to Monday into Tuesday. The key difference this time was that bulls held 5686-5689 at the open and retraced the entire overnight move. However, sellers stepped in quite strong at the highs once again and drove price back down near low of day. From last night with some additional thoughts added:

The bid that came in at open was almost panicked in a way, but it certainly evaporated once the big seller stepped in. At that point I cancelled any plans for longs until we identified a setup late in the day.

I generally will not take longs any time this seller is in the tape unless I’m quite certain that he is done for the day. The close of this week is critical. Again, pops continue to be sold, but sellers have not (yet) solidified this as any kind of a lower high. Bulls will need to be prepared to defend tomorrow if sellers lean back in.

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