Market Analysis and Trades for 6/30
What Was That? A Trap for KOALA Bears?!?!
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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 6/28
I was looking for a bear trap early this week, and the trap we got was pretty weak. Regardless, after the strong weekly reopen on the gratuitous Sunday evening “war is over” headline the market rallied all night, then sold off hard in the morning. Once Sellers couldn’t get through ES 7405-7410 (and 29296-29339 NQ) the rally was on leading to completion of the move to ES 7497-7504 and NQ to and through 29891-29923 to the weekly 30047-30069 level.
The opening drive saw a LAAF of 72-76 which resolved back to 7405-7410 as expected. From there we got a V shaped recovery right back to 7472-7476 and once it was taken out, resolution to 7497-7504. Buyers did take out a prior day’s high and did overlap value higher. This doesn’t automatically guarantee the low is in, but it at least positions bulls to confirm as much moving forward this week. It was really a very awkward way to make this move but here we are.
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