Market Analysis and Trades for 6/5
Failed Breakout, or Delayed Breakout?
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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
Today closed unchanged and once again right at the potential breakout level on SPX, but just below it on ES. As of now ES has. We only needed 3 levels today. From the morning update:
Short failures to sustain above the overnight high (which included a LAAF of the IB high late in the day) and long 74.5-77.5. Take profits on either side 87.5
It was a boring day but rotational traders willing to trade either side of the tape did well. Since longs were objectively favored, getting long 3 times at 74.5-77.5 (including overnight) would have worked just fine.
As of now it may look like a failed breakout on ES. We discussed that in detail in last night’s plan in terms of whether or not it would be bearish, and we now have more information.
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