Market Analysis and Trades for 6/25

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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

After yesterday’s look below and fail of the 2-week balance low, today opened on a large true gap up (above the prior day’s high) and above last week’s 6109 high. It had pulled back off the overnight high into and just after the open and held 6109 exactly (in the critical 6105-6113 range) before putting in a strong trend day up. QQQ came within 11 cents of its all-time high and SPX tagged 6100 which was the top of its major 6030-6100 range.

There really was very little to do other than get long on the hold of 6109 and hold. Pullbacks were few and far between and there was no reason to be short. When volatility gets low there is often 1 decent dip buy to find an entry.

Finding and executing on these dip buy locations is key to avoiding taking bad trades the rest of the day.

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