Market Analysis and Trades for 5/20
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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
We let everyone else ponder whether or not the Moody’s upgrade was a nothing burger or a huge deal, and instead we focused on price. I’ll include a decent portion of the weekly commentary as it provides some insights as to how I use volume profile to keep a level head:
Notice that the weekly 5884.5-5890 level was never threatened on ES as it held what I (half-jokingly) call “inception demand”
NQ lost 21200 but held the weekly level just below. It opened the cash session just above 200 and therefore both indices remained unthreatened by the cash open.
From the plan for Monday, any failure from sellers to get through 5884.5-5890 was a reasonable long:
And from the premarket update. We can see above what happened when NQ reclaimed the 240s.
And then what happened once ES reclaimed 5947-5950
I made a (half) joke on NinjaTraderLive this morning that the overnight low was low of week. It may or may not be, but from today’s action we can at least see why I said it. I’m on Monday through Thursday starting around 8:30-8:40 eastern depending on the guest lineup and data. While I’m perhaps biased, I think it is a good watch each morning as we discuss the upcoming action for the index. I started at 43 minutes in today:
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