Market Analysis and Trades for 6/9
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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 saw a pretty aggressive sell on Thursday. The plan for Thursday had us prepared for this, and the possibility of a snap back rally given how the weekly profile had developed. It held the key 5927-5932 spot at Thursday’s low (reclaiming the critical 5936-5940) and then again when futures opened on Thursday night. At the same time, NQ made a slight lower low at the 6pm open but held the NQ trap spot. This triggered a reclaim of the critical 5936-5940 on ES and Thursday’s low on NQ (it’s breakout back test). The rally was on well before either the fake news about a Trump/Elon makeup call and NFP. From the plan for Thursday and Friday respectively:
This past week was a great example of how price can make excursions lower or high but until/unless value shifts, reversion back in alignment with the prevailing trend is likely.
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