Market Analysis and Trades for 9/5

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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 8/31

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Yesterday sellers had to get through 6425-6427.75 or cover. They panic covered. Today they had to trigger a look above and fail of yesterday’s high (with 6474-6476 being the most likely candidate) and get through 6455 (an internal edge) or cover. The overnight low held 6454.5, and after sellers made their attempt in the 6474-6476 range at open, they were stuffed by buyers at 6456.25. They had to cover all the way to today’s target (on a sustained break above yesterday’s high) of 6496-6502.

Once 6474-6476 held from above (which is where the IB high sat) we got a significant upside acceleration as any remaining sellers had to cover.

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