Good evening folks!
We have another very important week ahead of us, let’s see if we can follow through on last week's rally.
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Alex ✌️
GENERAL MARKET ANALYSIS
S&P500 (ES_F) Daily
Last Friday, we were able to follow through on the Thursday/CPI rally…which is quite impressive considering the magnitude of the move in a single day. We broke above 3977$ level I was watching and closed right in that potential resistance area.
Since the Oct. 13th low, we now have a HIGHER LOW (HL) and now a new HIGHER HIGH (HH), confirming a new uptrend based on market structure.
Tomorrow, we have very clear levels to play with/against. If we break above 4016$, we have a really strong and sustained rally underway…but if we cannot find support around 3977$, then we might be due for at least some pullback action. Keep in mind that we are quite extended short-term and even 1 or 2 days of sideway or pullback action would be very constructive.
Don’t be bearish at the first red day we’ll get, the trend is up for now and until we see a clear red flag, I will treat a pullback as being healthy.
NASDAQ (NQ_F) Daily
RUSSELL 2K (RTY_F) Daily
In the following sections of tonight’s letter, I’ll cover very important parts of my daily routine & preparation for tomorrow’s trading session.
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