Market Analysis and Trades for 6/24
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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
Today was an easy day to get tossed around on the index as the mid-day war eScALaTiOn led to some volatility. However, all it did was produce a cash hours look below and fail of last week’s low which was on the radar for both the weekly plan and today’s plan/premarket update.
Note the immediate retest of 6029.75-6032 after the LBAF of 5999-6003 and the squeeze straight to and through 50-53.5. Once price sustained above 50-53.5, Friday’s high and 6079-6082 printed.
Low of day corresponded to the inside week (5/27 week) high on SPX and the 21 ema.
Bulls are extremely well-positioned for a significant upside break with perhaps just a couple reasons for caution.
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