Market Analysis and Trades for 6/30
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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
Friday was yet another day of opening on a true gap up, holding the prior day high, and rallying to new highs. We did see some volatility come in during the afternoon on some US/Canada trade friction but the did was ultimately bought in spectacular fashion. With buyers in full control, the only question has been where to buy the dip. We saw this play out the last two weeks. The index had entered a short time frame down trend culminating in Monday’s look below and fail of the prior week’s low. During those 5-6 trading days it just required patience and selectivity. Since Monday’s low there has essentially been one dip buy opportunity each day, with Friday offering a second. We have a shortened week which usually has relatively low volatility and limited range. However, there are a number of catalysts this week which, in a relatively thin liquidity environment, can potentially cause fairly decent intraday moves.
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