Market Analysis and Trades for 5/22
Is it Over?
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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
Today was all about QQQ 0.00%↑ to me. The Qs had not made a meaningful new high whereas SPY 0.00%↑ had, yet the Qs had arguably been more resilient on dips. After the overnight sell, the Qs were very much the leader. However, all it did was come back up to the top of its range. As good as things may have looked, box is box. We got a look above and fail which was already in play ahead of the bond auction. It starts to quickly look like this was a range of distribution if this downside break is sustained.
We already had SPY 0.00%↑ puts but this offered a great opportunity to add intraday leverage.
How far will this selling go, and where will we buy the dip?
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