Market Analysis and Trades for 5/21
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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 finally saw a day where ES tested higher first and failed and it resulted in some weakness and an opportunity to be short. In a bullish trend, trading lower first almost always means the dip will be bought. Trading higher first and failing is far more likely to lead to selling pressure and a muted BTFD response. Sharing the full commentary from last night which can be seen as either a flex or a learning opportunity:
We got the look above and fail of Monday’s high into the 5990-5995 spot which triggered weakness. There was quite a battle for the 65-68 spot overnight and intraday. It ultimately capped the upside causing a loss of 45.5-50.5 and resolved to 5925-5927
We saw a very slight change in character today which tonight’s plan will cover
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