Market Analysis and Trades for 9/26
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The weekly post for SPY 0.00%↑ and QQQ 0.00%↑ should be reviewed prior to this. Market Analysis for the Week of 9/21
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In last night’s plan we used 6700-6706 as a major pivot. Holding below would broadly target yesterday’s low and new lows.
The Asia session traded higher to 6705.25, sold off the rest of the night, and ultimately opened on a true gap down (below yesterday’s low) that saw initial continuation. There was a significant cover rally after dipping into the FOMC day excess, but notice bulls never made it back to yesterday’s low. In fact, we instead got a look above and fail of the IB high that produced a new low of day.
It is worth noting that while SPX and ES fell just shy of my target at low of day, SPY reached its target of the FOMC low and the 21 ema.
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