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. It can be found here Market Analysis for the Week of 6/21
The hidden bearish elements from last week’s profile translated into some bearish elements in yesterday’s profile, which translated into tremendous weakness today as we saw yet another deleveraging event across the concentrated memory names.
From the weekly plan:
And from yesterday’s plan above the paywall:
Today was really all about NQ 30680
The 680 level was swept early in the session and the LAAF remained active all night. All reasonable one-day targets were met and exceeded with the weekly downside plan coming into play during the European session.
I’ll reiterate, I see both NQ and ES as a very large multi-week balance so two-way trading is to be expected until one side breaks with continuation. We saw that in today’s action as there were some excellent longs and excellent shorts, with sellers ultimately controlling the day.
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