Market Analysis and Trades for 4/3
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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 and the supplemental weekly video VIDEO SUPPLEMENT
Presumably everyone has seen what happened after the bell with futures on the Trump event. In last night’s plan, I said I was bearish for new lows unless we could find higher highs and higher lows above 5733.5-5740 and mapped out the potential lower high:
The cash hours high came up and kissed the trend line and 5740 nearly perfectly (5739.25) and sellers stepped in as expected. After hours (that last 30-minute candle is after the bell) came up and kissed the trendline one more time before dropping 200 handles.
We took our shot, adding SPY 0.00%↑ puts, increasing SQQQ 0.00%↑ adding AMDS 0.00%↑ to offset AMD 0.00%↑ and closed SBUX 0.00%↑ and HOOD 0.00%↑ calls along with 1/3 of HOOD commons during the cash session and another 1/4 on the rip higher after hours. The account was already net short before closing SBUX 0.00%↑ and HOOD 0.00%↑ calls and the take profit on HOOD after hours. The longs in the swing account are now the hedge.
It’s a long night and anything can happen. As of the futures 5pm close were were still within this week’s range. This will be a critical overnight session with bulls having a narrow window for a stick save.
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