The Week Ahead in SPY QQQ
Can the Bulls Keep it Up?
The PharmD_KS script in TradingView has been updated and will now support NQ. The updated link is in the Discord
Hopefully you enjoyed the free plans last week and if anything, were able to learn a few things. I decided to do another installment in the series “Is it Going to Zero?!” which covers BA 0.00%↑ The video is above the paywall and can be seen here Is BA Going to Zero?!"
My bias coming into last week was to be short until we saw a failure from sellers and a resultant response from buyers. We certainly saw that, though the events of the week made it somewhat difficult to capitalize on particularly for RTH only traders.
Monday gave us the look below and fail of the prior week low that we were looking for, maddeningly holding 1 tick above our major 5724 level. I would have preferred that this level be taken out along with NQ’s prior week low, but we don’t always get what we want. Bulls defended a higher low above last week’s low on Monday night and until Tuesday’s open it seemed like the market was still waiting for the election to make a move. Once cash opened, however, the market had clearly decided who was going to win the election and the buying frenzy started early. The overnight session on election night was even more wild. It once again started long before there were any results, and a new all-time high had been made before cash even opened on Wednesday.
The market is currently still in active trend and there remains no reason to try to fade it. That which is overextended can remain overextended. However, at some point soon (likely this week) the market will find balance ahead of its next move. We will prepare for this in this week’s plan and execute on it with the daily plans and in the Discord which is (for now) still free for paid subscribers.