Intro

Wednesday

SPY nice level at 411. Bullish.

QQQ big print intraday. Needs to hold 330. Bullish

Macro trend looks like dip buying (again).

Realtime and close prints are very difficult to read here.

“2 Ton Tilly” looks like our best market pivot right now. I would trust this level more than anything else I’ve written about tonight.

Notice that ES bounced off the 50 day moving average and now sitting right on the 50% retrace of the last run up. This chart is about as neutral as you get.

Thursday

Notice the clues on Wednesday were bullish, and the indexes went up Thursday. “Bullish”, “dip buying”, “2 Ton Tilly” pivot. Nice clues.

If you think the market did well today, it really didn’t. Breadth is terrible. Only a few stocks are holding up the market. The investment banks can hit a few stocks or sectors with algos. If they run up NVDA and all semi’s rise, other stocks can be sold heavily without bringing the entire market down. Stocks at the lows are increasing in number. Check out the BPSPX chart below.

SPY stayed over “2 Ton Tilly” and found support at the 20 day moving average.

QQQ levels not bad

SPY PRINTS

Trades at the lows still larger than trades at the highs.

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