Market Analysis for The Week Ahead
SPY QQQ 2/16-2/21
I did a post with full levels on ACHR 0.00%↑ as we bought the offering dip last week. See HERE: ACHR Upside Targets and Dip Buy Areas
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For last week our early week battleground (pivot if you will) was 6033.5-6014.25 ES, with a major high time frame battleground of 6002-6012. Futures opened on Sunday night with yet another gap down just above 6012 (6014 low) and into YTD VWAP (orange). Even on Wednesday’s nasty premarket sell on a hot CPI, cash hours spent only 5 minutes below 6033.5.
We once again saw strong buying come in and this proved to indeed be a powerful setup for bulls:
This market remains incredibly resilient on dips which we also expected last week.
Bulls are perfectly positioned for an upside breakout this week. If you read the free weekly plan (Part I) last week, you are aware of some of my big picture targets on a sustained breakout. You can refer back to that here: Market Analysis for the Week Ahead Part I
As always, we will map out what a failed breakout would look like to maintain awareness, along with some additional upside targets.