Market Analysis and Trades for 9/29
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The weekly post for SPY 0.00%↑ and QQQ 0.00%↑ which includes a free video should be reviewed prior to this. Market Analysis for the Week of 9/28
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Coming into Friday we were looking for a shift in structure on the 30-minute chart, and if so, for bulls to look to defend a higher low. They would have to do so by 6650-6653. Bulls continued to control 6650-6653 overnight (overnight low 53.25 yellow arrow), drove into major resistance at the open, and bid the higher low right between the 0.5 and 0.618 retracement and just above 50-53 (green arrow). Sellers made an attempt to defend 6676-6680 from below (red arrow) but were absolutely brick walled and lifted. Pretty much every time 30-minute structure has shifted back to the upside the pullback has been over. Will this time be different?
From Thursday night’s plan:
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