Market Analysis and Trades for 5/30
Will the Failed Breakout Lead to Downside?
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The weekly post for SPY 0.00%↑ and QQQ 0.00%↑ should be reviewed prior to this. Link to Market Analysis for The Week Ahead
There was an awful lot of excitement last night and today for us to end up going absolutely nowhere. We have spent the better part of 3 weeks in a relatively tight range balancing before what is likely to be a significant move.
Both ES and NQ ended up as a massive failed breakout and both ended up taking out yesterday’s low with an outside candle. While this looked absolutely terrible, sellers found no traction below yesterday’s low. I expect we see either an inside day tomorrow and a directional move Monday, or we get a directional move tomorrow. I believe this directional move may determine the fate of this 2-week range.
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