Welcome back everyone!
Once again, let’s review what was said last week on the SPY and QQQ. We nailed the sell down and then the large bounce into the end of the week. The QQQ specifically sold down to the 21-Week EMA before seeing a reclaim back above to invalidate any further selling for this week. Take a look:
On top of the weekly analysis, intraday levels posted in chat were on fire.
Here's a chart of last weeks price action to compare all the levels. Plenty of alpha provided to subscribers each an everyday which also explains the setup going into the session. Highly recommend reading the Mastering Volume Profile post and all Volume Profile educational posts to have a clear cut explanation on how I use Volume Profile. Many accounts will slap it on the chart and have no idea how to truly use it.
Let’s now dive into this weeks analysis on stocks.
Indexes
All four indexes remain in a power trend to the upside. The Nasdaq remains the weakest as it sits just above the major support which is the 21-Week EMA. In the below section I will cover what support levels need to hold this week.
