Market Analysis and Trades for 5/14
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The weekly post for SPY 0.00%↑ and QQQ 0.00%↑ should be reviewed prior to this. It can be found here Market Analysis for the Week of 5/10
I spent a rather extended amount of time in the weekly plan outlining the bullish context. When all timeframes are bullish, I spend more time discussing the potential for going lower. I do this such that we can be prepared to know which dips are constructive and to be bought, versus where additional caution would be warranted. From the weekly plan:
Yesterday saw a LBAF of 28800-28817. I had gone so far as to say if this played out, that it was likely low of week:
We needed to see 29945-29975 and 29073 reclaimed to solidify this. Both happened yesterday, and 29073 held a back test both overnight and at today’s cash hours low.
We were using a daily level of 29058-29081 around the weekly 29073 today as the first dip buy area. The overnight low was 29055.5 and today’s cash hours low was 29075
The market continued the same pattern it has had. It trends higher for a few days, then forms a balance with one maybe two red days and then breaks balance to the upside.
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