Market Analysis and Trades for 4/9

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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

SPY 0.00%↑

In last night’s plan I suggested that yesterday’s rip higher on the fake tariff delay news made things more complicated for bulls. Additionally, I suggested that trading lower first would preferable before attempting further upside. Instead, the overnight session rallied toward yesterday’s high, getting rather extended in the process. Bulls were able to push a little further and take out yesterday’s high but accomplished nothing but trapping themselves. From last night’s plan:

An inside gap up in a bearish trend is very often sold. Buyers were able to indeed able to trade above yesterday’s high but were simply absorbed. From the premarket plan and shorting a look above and fail of yesterday’s high:

Once VPOC shifted to just above yesterday’s high, the real sellers indeed came in at 10:30 EST;

Bulls had one shot to stick save the IB low (low of the first 60 minutes) but once it was lost and failed a reclaim it was nothing but shorts for me. Once the attempted reclaim was met with a 5-minute reversal back down sellers took full control for nearly another 300 handles. This to me was the safest and highest probability short:

The last of day trade shorts reasonably targeted yesterday’s open and from the response one can see why.

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