Intro

Friday

SPY neutral.

QQQ has a very large trade cluster at the highs. Need to watch 377 level.

Macro trend bearish on a flat day.

Realtime very little volume today, likely the bosses took the day off.

Close prints neutral.

The news spike on Friday morning was sold heavily, and then the market makers pinned the indexes into the close. They often pin the market to expire a large amount of options worthless. Why didn’t they just hold the market up after the spike? Three days at the highs could be slow distribution, and the SPY & QQQ charts look somewhat bearish to me.

The most important level to watch at the start of next week is QQQ 377.54. That is the best pivot I see in the data.

BTW, I know a swing trader who exited several longs today. He may exit more on Tuesday if the market spikes up. Why? Is the market going to drop? I don’t know. Many trades already hit target, and the rest are close. If the market keeps going up, plenty of new trades will set up. The RR Oscillator is still in good shape, but sometimes when the market stalls like this, the 4 hour will drop below zero and reset. It may, but doesn’t have to.

Have a great weekend. I hope to get some R&R on the boat.

Tuesday

SPY leaked down a little today. QQQ held steady, and 377 level is barely holding right now. IWM blew a gasket and lost about 2%.

SPY PRINTS

Not much.

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