March 15th, 2023
Breakout retested and held
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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