Market Analysis and Trades for 7/6
Don't Sleep on these Setups
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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 Trapped: Market Analysis for the Week of 7/5
Both SPY 0.00%↑ and QQQ 0.00%↑ remain trapped in a large multi-week balance. The ultimate break from this balance is likely to produce a large move. For now, the name of the game is two-way trading until this larger decision is made.
Thursday provided which was undoubtedly the trade of the week. I was looking for shorts in the 30269-30293 range, possibly up to 308-330. The premarket high was 320 which produced a quick 300-handle move (and ultimately nearly 1000), and the cash session high was 30293.5. From the Wednesday night plan for Thursday:
If you missed the trade, don’t worry we have another 1000 handle trade cued up for this week if the market would be so kind as to set it up. Is it a long or a short? See the weekly plan if you missed it.
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