Market Analysis and Trades for 4/29
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The weekly post and video for SPY 0.00%↑ and QQQ 0.00%↑ should be reviewed prior to this. Link to Market Analysis for The Week Ahead
In the plan for today (above the paywall) I covered the fact that recently bearish setups had not produced bearish results. Today, we saw a bearish setup produce bearish results. However, bulls ultimately defended and rallied into the close. The bearish setup was a look above and fail of Friday’s high. Sellers then broke through the IB low, took out the overnight low, and forced a retest of the 4/13 week inside week high on both NQ and ES. ES dipped briefly below the 5496.5 while NQ held just above 19254.75 and therefore Friday’s low was preserved on both as well. Sellers must demonstrate an ability to take out a prior day low to end this recent uptrend phase.
We have massive amounts of data and key earnings this week so anything can happen, but today’s action left a few breadcrumbs behind that we’ll discuss tonight.
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