Intro

Friday

SPY unusually high volume. Trades are borderline red. Normally borderline trades are neutral. In my book, > $10B SPY is almost always selling. They’ve traded more than $10B SPY for 3 days in a row. In December of 2021, they did this every day (and guess what happened next). Bearish

QQQ very similar to SPY. High volume and borderline. Bearish

Macro trend flat on a very high volume day. Typically means selling. Bearish.

Close prints high volume all megacaps (again). Drawing another high volume box.

Everything looks bearish in darkpool land right now. Some of you are feeling bullish. I’m starting to get scared. Normally, we get a good drop after $30B – $70B SPY hits the tape with high volume like this. Be on the lookout for SPY to start losing levels and TLT to retake levels. That will be a good indicator that the darkpools are finished selling in this bull cycle.

Could these be buys? Of course. You would need to believe the thesis of “buy high, sell higher”. But they don’t usually do that. Easy way to tell is watch levels.

Monday

Looks like some kind of news hit in the aftermarket and ES blasted up about 15 points. On a 4 hour chart, ES is making higher lows and holding the 4 hour Keltner mid. Bullish action.

My IWM levels worked quite well today.

SPY lost levels overnight and then regained them.

QQQ immediately regained levels at the open.

People watching levels likely were not bearish today after the open.

MSFT zoomed over the level I talked about yesterday, and AAPL zoomed under. LOL In the summary, I’ll talk a little bit more about what I see the boys doing right here.

SPY PRINTS

Large borderline trade.