Intro

Thursday

SPY & QQQ do not have heavy volume at the lows to indicate short covering or buying.

Realtime trades selling.

Macro trend bearish.

Looking at the SPY chart with levels, 429 is the last darkpool support until 422.

Zooming out to a weekly chart, 420 looks interesting. I like to see where several indicators line up. 420 would be the 1.27 extension of an A=C fib, the 200 day moving average, and also the weekly bottom keltner.

Just like yesterday, my advise is to be careful and play level to level. I don’t see anything bullish today.

Friday

SPY tried to bounce, but the 433 level capped the rally and SPY formed a lower low. My observation over the years is that price rarely makes it through a strong level on the first try without news.

SPY PRINTS

Almost $6B at the lows. This 430 level is a good bull / bear pivot.