The weekly posts for SPY 0.00%↑ and QQQ 0.00%↑ should be reviewed prior to this. Link to The Week Ahead
The re-launch of the course content is official and is now available to anyone. Course Announcement
The bearish scenario from the weekly plan played out. NQ was never able to bid 530s despite trading through it on a squeeze yesterday. We discussed this important distinction last night. RTY has been straight down most of the week off the 2309 failure. The index took its time and lulled most to sleep but the bearish scenario was never invalidated. Taking profits the last number of sessions and adding the hedge turned out to be the right play.
Today’s low tagged a critical area. We closed right between two prior consolidation ranges. Buyers will need to defend dips against today’s low and ultimately reclaim the prior range above us. Sellers need to of course prevent this reclaim and in doing so can leave open the possibility of a continuation short next week.