Market Analysis for 1/28/25
SPY QQQ
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The weekly post and video for SPY 0.00%↑ and QQQ 0.00%↑ should be reviewed prior to this. Link to Market Analysis for The Week Ahead
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We came into today positioned long UPS 0.00%↑ JNJ 0.00%↑ and NKE 0.00%↑ hedged with SPY 0.00%↑ puts and SPXU 0.00%↑
On a day where big tech like NVDA 0.00%↑ was slaughtered, we were positioned exceedingly well.
The overnight action was quite nasty (particularly on NQ) BUT held our major 5947-5952 spot which represented a hold of the major bull gap off the lows. This also corresponded to a near perfect hold of the 0.618 retracement of the move from the January low to January high.
The cash hours low on SPX was also a hold of this prior downtrend break.
The bulls have done their part in defense of the recent lows. Now we must ask ourselves if/where sellers may attempt a defense of the high or if this is a direct move back to all-time highs.