Market Analysis and Trades for 4/24
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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 of course got the huge gap up on yesterday’s news after the close. Futures opened at 6pm at 5379.75, traded 2 handles lower, and that was it. There was some struggle with the key 5420-5425 and 5401-5408 weekly levels but after the 9:52 EST low held the gap, bulls were to be favored the rest of the night into the open. From last night:
From the morning update we were looking for resolution to 5470s/5480s and last week’s high as the final target. From the AM update:
This target was reached 5 minutes into the session and upside was effectively done. That was the entirety of the move for me which made the day somewhat awkward as price is generally constructive up here but the long was finished.
Once the IB was set above any of the key levels we were looking to long, that made it difficult to long even those:
We can see that price grinded low through both key spots once the IB low remained offered (a classic short setup).
We have some amazing setups into tomorrow on both sides of the tape. Hopefully we don’t get any headlines to ruin those.
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