Friday 7/28/2023

friday bounce (as predicted)

Intro

Thursday

SPY sitting right on high volume trade box and very strong darkpool level 452.16.

QQQ sitting on 376 again.

Macro trend heavy selling.

Realtime prints appear to be selling META & MSFT with volume. The other megacaps are not aggressive selling.

Close prints neutral.

If they are going to bounce the market, this would be a good place. SPY & QQQ are testing strong levels. If SPY gives up 452 and QQQ gives up 376, I lean bearish. In a bearish scenario, SPY has support at the 20 day moving average around 448. QQQ has strong support around the daily Keltner bottom around 366-367. That’s my roadmap for tomorrow.

Friday

Anyone catch this from Thursday? “If they are going to bounce the market, this would be a good place.”

SPY looks like a pretty good bounce.

SPY PRINTS

No more trades at 452. Now we have a new level at 457