Weekly Recap: We spent the first half of the week continuing our slide into a key weekly and monthly support cluster between 3950 and 3980 before faking a breakdown under 2/24's lows before smashing through the previous week's highs. Each daily high provided more fuel as shorts stops got eaten and breakout traders jumped in, bidding each other up in another fomo pump through a low liquidity zone (see volprof on left).
Bias: 🐂🥳Bulls on Parade over 4050 🐂🥳
Since sellside liquidity draw was fulfilled with the fake breakdown below 3950, I will be targeting longs until they fail one of our major levels, and look for the market to prove my thesis wrong
Bias: 🐂🥳Bulls on Parade over 4050 🐂🥳
- Next stop is this a zone of confluence between this impulse wave's 50% fib level, the monthly open and hourly fair value gaps between 4075 and 4085
- If bulls can find traction over 4080 expect a push to test the next major zone of confluence, the psychological levels of spy, spx and es 4100
- Bull's short term major stretch targets are the bear market 50% fib at 4155, relative equal highs at 4170 and 4186, and the BMR swing high at 4186
- Major supports are 4050, 4030 major up trendline from Oct Lows and 4000 psyche level
Since sellside liquidity draw was fulfilled with the fake breakdown below 3950, I will be targeting longs until they fail one of our major levels, and look for the market to prove my thesis wrong