Market Analysis and Trades for 6/3
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The FREE 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 5/31
The overnight session was certainly one of these:
Overnight traded down within a tick of yesterday’s RTH low, held, reclaimed 7581-7584 and the buying party certainly turned on. The 7610-7613 level held the premarket high, triggering a pullback into the open which simply produced a higher low. The “honorable mention” 7592-7596 level held at the cash hours open, 7610-7613 was ultimately cracked and ES ran once again for the 7631-7634 level now leaving a horrifyingly poor high AND low in place. This is generally an indication of weak participants (on both sides). Given the broad bullish context on all timeframes, low participation clearly favors bulls. A shift toward higher participation on the sell side can very quickly change tone, but we’ve yet to see anything of the sort.
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