Market Analysis and Trades for 6/10
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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 6/7
This has been quite the back-and-forth week as was proposed in the weekly plan, the fun may just be getting started with CPI tomorrow. After holding a key downside area on Sunday night, we got the rally into Monday, which then sold off in the afternoon only to rally again overnight. It is pretty rare for liquidation events to resolve in one day and it is difficult to impossible to predict when the second wave will hit. Fortunately, we don’t predict we simply react. Both indices came down to yet another key level at today’s low. Inventory (positioning of traders) was already extremely short when a “Trump Tape Bomb” hit to the sell side. When the market gets that short (longs have puked and short term traders are short) there is bound to be a major relief rally. I would be careful reading too much into it just yet and as always be prepared to react.
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