Market Analysis for 1/24/25
SPY QQQ
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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
Be sure you have read the Trading Doggy Style Starter Kit. I will be adding to this over time, likely first focusing on example executions. Trading Doggy Style Starter Kit. A recent update has been made with some additional content.
For today on SPY 0.00%↑ we were looking for some potential early weakness (likely overnight) if ES got trapped below 6117-6119 and NQ below 21969-21976. That said, sellers were nowhere near triggering any major weakness, so it was appropriate to cover any shorts quickly and be prepared to flip long.
We can see ES the short played out overnight for those so inclined, and 6101.5 put in the overnight low. Cash hours opened and put in cash hours low of day at exactly yesterday’s low. After struggling with 6117-6119 from below, it finally cracked back over and the rest of the day was nothing but bulls.
The reclaim and hold of yesterday’s low ended up with a full session engulfing candle. Interestingly, SPX took out yesterday’s low but ES did not during cash hours. This was a subtlety that I frankly missed as I was initially annoyed that we didn’t at least sweep yesterday’s low during the cash session. The safer longs were back above 6117-6119.
We can see the pullback low of 19.75 offered the safest long entry. This was also a near perfect back test of the IB high (6119). I personally chose the NQ long instead but the pullback when Trump was on the mic at Davos offered an excellent long.
Here was my NQ long FWIW. The same spot offered a 2nd chance later on after the initial failure at 969-976 from below.
Today now closed on a very large spike up. If you aren’t familiar with that term, please see the free section of the starter kit linked above. This renders matters straightforward into tomorrow.
We have recently longed UPS 0.00%↑ (added at $123.28 on 1/13) which was from a recent post Is UPS Going to Zero?!
The last two days we have additionally added JNJ 0.00%↑ at $144.14 yesterday and we added NKE 0.00%↑ at $72.87 this morning when the bid came in mid 72s.
We will be doing a lot more individual names in the Discord but time permitting I plan to add JNJ and NKE to the series “Is it Going to Zero” and will post the video(s) here.
