SPY 0.00%↑ today ranged between the 200sma where it rejected and the bear market trendline where it was supported. We saw billions worth of dark pool buy transactions at 385-386 and for now it’s clear they are holding the line there for the bulls. This will be our new base level, 385.90. We now have a range between 385.90 and 393.
I think as long as market is supported at 385.90 it is setting up for a retest of 400.67. For ES this translates to 3894 offering support for a push to 3970 and over 3970 for a push to 4000.
We also caught some great reversals such as TSLA 0.00%↑ & AMZN 0.00%↑. I mentioned on the weekly newsletter that AMZN value area was 80-88, we tapped 88 for a few moments and quickly rallied back to 94. There is major call side flow and a bullish chart on AMZN. TSLA bounced off the 50SMA and over the 175.60 fib pivot, it now has a clear path to 190 as long as it can get over 184.
For tomorrow and likely the rest of the week:
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