Market Analysis and Trades for 4/8
Was that the "Bottom?"
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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 we got the massive and critical partial back test that frankly I think all serious traders were watching. In 2024 the index had broken out of a 3-year box that we discussed in this week’s video:
The partial back test range we were looking for on ES was the 4830s-4870s. The overnight low was 4832 and the cash hours low was 4867:
I do find it interesting, and eerily similar to April of 2024 that we held roughly 30 handles off the overnight low. From the premarket update:
This doesn’t mean we will see the same result, and frankly the rip higher to the 5280s on the “fake news” about a tariff pause makes things a bit awkward (certainly more difficult for tomorrow to take out today’s high).
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