Market Analysis and Trades for 3/4
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The weekly post for SPY 0.00%↑ and QQQ 0.00%↑ should be reviewed prior to this. It can be found here Market Analysis for the Week of 3/1
This market continues to be a wild one. Yesterday was a trend day up and then today opened on a true gap down (below yesterday’s low). In fact, three days in a row ES has opened below its prior day low, made a lower low, and yet all three candles are green (closed above their open). Dip buyers continue to be active, and sellers continue to cover lows. Who can blame them? Regardless, value gapped lower today, value so far this week (it’s early of course) is overlapping lower relative to last week. We discussed the monthly profiles in the weekly plan. From that perspective sellers don’t have a reason to panic.
The flip side of that is NQ yet again held its yearly level 24069-24369 and therefore remains above the November low and ES looks like a potential failed breakdown of the yearly 68003-6812.5 level (both yearly levels still subject to tweaking).
Was today a failed breakdown or will it end up a false failed breakdown?
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