Market Analysis and Trades for 6/2
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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
We had entered puts on the pop into Thursday’s close and got a nice liquidation on Friday which resolved nearly 80 handles from that entry. However, as discussed in the weekly plan, this is a two-way tape for now where attempts at range expansion to either side have been firmly rejected. Sellers briefly took out Tuesday’s cash hours low, getting into the gap but didn’t quite make it to the major weekly pivot (then 5841-5851) and were unable/unwilling to defend any of the key levels from below. Thus, we saw reversion right back to 5925 ES as expected. From Thursday night’s plan:
This may seem maddening (especially if short) but it is a very standard reversion trade based on how the week’s profile had developed. It does seem that the market is coiled for a directional move, but until then we trade a two-way tape.
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