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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
Bulls have continued to do everything they need to do to continue this uptrend. The overnight session got a bit volatile late in the Euro session but was stuffed at the major 5520-5525 weekly level which was a long setup for today:
The plan offered numerous setups on both sides of the tape including overnight and during the cash session, but it was the hold of 20-25 and reclaim of 5540 that set the tone for the day. Inventory continues to be stretched a bit long, and we are starting to see intraday liquidation breaks here and there. As long as these liquidation breaks aren’t met with follow on selling that finds traction below a prior day low, bulls can be fine. I remain quite cautious on rips, and patient on dips here. Tomorrow (and really the rest of the week) brings an enormous amount of data in the morning along with a ton of earnings so things can change quickly. As of now we have seen bulls continue to aggressively buy dips, and sellers (outside of Monday morning) have been content to sit passive at the highs without (yet) initiating lower.
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