Friday 8/25/2023

darkpools took Friday off

Intro

Thursday

SPY neutral.

QQQ doesn’t look like much selling the highs or buying the lows. Neutral.

Macro trend heavy sell day.

Realtime prints sparse except for NVDA (likely selling). No indication of other megacaps selling the highs. SQQQ appears to have traded out, so we could get a bounce on Friday.

Close prints high volume MSFT META AMD (again).

The data doesn’t show the darkpools selling the highs here. BUT We lost a critical QQQ level at 364. Levels are always more important. SPY most critical level is 436 (at high volume trade box), and we are barely over that one.

• Bulls will want QQQ 364 to quickly be reclaimed.

• Bears will want SPY 433 to break as well as QQQ 358. Not much support under those levels.

One more thing is the Jackson Hole meeting and Powell comments. I hate news, but anything can happen, so be careful.

Friday

SPY is having trouble making up his mind on direction. We have a new trendline to watch and a potential higher low on the chart. I’d still like to see us hit that 1.618 fib target at 447.69. We’ll see.

SPY PRINTS

Neutral and not much volume (again).