Market Analysis and Trades for 3/24

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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

We had spotted a large seller on Thursday in the 5750s on ES that had us quite cautious into Friday. We were looking for some early rotational trading between 5700-5702.5 and 5724-5726 as the first move overnight and into Friday. I was personally more interested in the short because of Thursday’s seller, but the 5700-5702.5 area did offer a fair long overnight as well. However, once sellers firmly capped price below 5700-5702.5, we saw resolution down to Tuesday’s low all before the cash session even opened. From Thursday night:

Initiating shorts down there was a poor idea and we were covering overnight shorts. Longs on failures from sellers to get through the 50s was reasonable, and longs back above 5686-5689 was also reasonable. Sellers failed to get through the 5650s, and buyers ultimately reclaimed and held 5686-5689 from above which ultimately triggered a move back to the 5720s into the close. From the morning update:

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