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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
SPY 0.00%↑ Well this has turned into a bit of a wild week. After opening the week on an enormous gap and go, the index did effectively nothing yesterday before selling into (but not filling) the gap.
From the weekly plan (and really since the swing low), we were monitoring ES 5811-5848 to potentially. To reach this spot, bulls needed to sustain above 5726-5733.5. That level was gapped over on Sunday night and we ran ultimately to 5837.25 at yesterday’s high.
While the response in the 5821-5834 range was somewhat muted yesterday, sellers came in strong today at the open, drove through the overnight low, yesterday’s low, and ultimately through the IB low. Buyers had their chance off 5797 to reclaim 5811-5813, but once it was offered from below and take through the IB low sellers were in full control.
This now makes things rather interesting as we have an evening star reversal sitting on top of the last 2 weeks’ range. Also notice how this week’s high and low correspond to the pre-election balance.
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