Market Analysis for The Week Ahead
SPY QQQ 3/2-3/7
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ES has been trading in a massive range for nearly 4 months. I have urged caution in applying any major strong bias until this range breaks. I do have a bias with respect to which way this break, but it still remains important (for one’s PnL anyway) to set aside a big picture bias and instead focus on being on the right side of the trade. We have played this range quite successfully, taking profits on longs and adding to shorts near the highs, while covering shorts and adding to longs near the lows. I believe this range resolves in the next few weeks. Barring a quick trap, it is unlikely that a break from this range (in either direction) resolves in a small move.
After an entire week with sellers in full control, Friday’s close saw a massive rally. I’ll discuss my thoughts on this rally along with my bias moving forward. As always, we will let the action dictate our trades and identify areas where we can successfully trade with each side.
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