Market Analysis and Trades for 4/23
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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 4/19
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ES did absolutely nothing today but NQ went on a tear, never really offering much of a pullback overnight after holding Thursday’s high at yesterday’s low. From the weekly plan and the importance of Thursday’s range (both ES and NQ):
The overnight session held 715-735, struggled briefly with 802-815 but ultimately reclaimed it. After holding 802-815 from above after the 894-911 rejection, sellers were indeed trapped and a multi-day breakout was triggered.
ES has not yet broken out and traded just a 32-handle range today on weakness in non-tech sectors. Will ES join in the breakout tomorrow?
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