Market Analysis and Trades for 4/25
Box is Box. FAFO
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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
Today was all about the bull gap. Any inability from sellers was a long. Following such a failure, a reclaim of 5442-5446 was likely to produce a bullish engulfing day (take out yesterday’s high). Our 5355-5359.5 weekly level put in the overnight low and after a bit of a battle premarket, it seems that sellers fully capitulated and panic covered the open. The rest was history:
Today was incredibly strong all day and rallied right to the top of the prospective box I’ve been using since the early April low. I’m looking for a clean break with continuation above the 4/3 cash hours high on ES (5540.5) to consider this to be a range break. A look above and fail would be a poor look, but a sustained breakout has potential for a large upside move.
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