Intro

Wednesday

SPY neutral.

QQQ up thanks to NVDA earnings. Watch levels.

Macro trend normal uptrend.

Realtime prints sparse. No indication of selling the highs.

Close prints high volume MSFT META NFLX AMD.

Normally prints like today call for a continuation of the trend (northeast on the chart). On SPY, I’m watching the 1.618 extension of the current uptrend at around 448. I’ll include the chart below. SPY doesn’t have to stop there. He might just take a break (or not).

Thursday

Today, I expected a trend pause or trend continuation, which didn’t happen. SPY rejected the 20 day moving average and lost about $10 from high to low of the day.

What do you do on a day like today?

Answer: watch the clues.

The clue from last night was QQQ. After an initial bounce, the “extra” level I drew in the chart at 369 breached to the downside at 10am.

SPY just couldn’t climb over 445 and stay. He lost 442 at 10am.

I would also watch the SMH level, which is hugging the print for dear life.

Let’s look and see if the darkpools sold the highs today.

SPY PRINTS

Neutral (again)