Market Analysis and Trades for 5/22
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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 5/17
Today was a pretty choppy and awkward day in the morning but ultimately did what it was supposed to do. After failing the 7455-7458 range ES futures pulled back hard right at the 6pm open. It held the demand near the 7410 range, reclaimed 7422-7424, and made a run back to and through 7455-7458.
The cash session opened RIGHT at 7422-7424 and held the same demand (and therefore the overnight low) multiple times with 22-24 acting completely irrelevant. The LBAF of the IB low is what finally gave buyers the strength to flip 22-24 to firm support to complete the move back to 7455-7458.
The next target was effectively 76-80 with the weekly 7482-7485 level just above.
NQ was a similar story and for the sewcond day in a row I wasn’t interested in being short below a key level. There was simply too much for sellers to get through.
The 210-234 level was immediately traded through overnight, but the 114-135 level held, triggered a reclaim of 210-234 and both the 383-397 and 469-487 targets were met overnight (464.5 overnight high anyway).
Like for ES, the 210-234 level was traded through a number of times during the cash session, but the 114-135 once again held, 210-234 was finally bid on a pullback from above, and the targets were met.
Every bullish sequence for the week has been completed except one. Will bulls take profit tomorrow or make a run for completion of the last sequence?
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