Market Analysis and Trades for 5/28
If you are looking to join the Discord (now separate from the newsletter) please see here: JOIN THE DISCORD Please email help@pharmdcapital.com if there are any technical issues. Plans/levels will be posted in the Discord so the Discord option includes Substack content but a new Substack subscription does not include Discord access.
Be sure you have read the Starter Kit, including the free section even if you’re a paid subscriber. Trading Doggy Style Starter Kit
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 5/24
After stalling premarket at the last weekly level resistance, NQ sold hard into and at the open. I had been feeling pretty bearish NQ premarket and hoped to see some rotation away from it and into YM type names. This was healthy to me, whereas the action premarket was not.
The dip buy areas on NQ were 29937 and a sweep of 29886. The early 937 hold triggered a 160 handle rally and the sweep of 886 put in low of day. It also aligned with a LBAF of the IB low which made it an even juicier setup.
ES failed at the same spot premarket as it had on Sunday night and also sold into an at the open. However, sellers did little more than trigger a LBAF of yesterday’s low for which we were on watch given the weekly level and an important 15/16 spot sitting just below it. Today’s low as 7515.
Paid Content Below or in the Discord