Market Analysis and Trades for 6/26
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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 some additional reasons to be cautious on rips into today, but the plan still called for selectively buying dips. The first location of interest was 6138.25-6139.75 which put in the overnight low (6138.25). The second area of interest was 6130-6132 which put in the cash hours low of day (6130.75). Each of these was worth roughly 20 handles.
Today was a great example of the importance of patience, particularly on a day with timeframe conflict. Buyers are in full control of all time frames but sellers controlled effectively the whole day after the open. The overnight long was the easiest trade today. For those who shorted today it was a brutal (but ultimately effective) grind. The long off low of day required patience but ended up a relatively sweat-free trade.
Was today just some one-off weakness or can we expect some additional reversion lower here?
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