Monday 8/28/2023

spy hugging 442

Intro

Friday

SPY neutral.

QQQ $1.7B of green trades. Bullish. Watch 361

Macro trend flat / a little negative on an up day.

Realtime prints sparse (again). No indication of megacaps selling the highs. High volume SQQQ (again).

Close prints high volume MSFT SPY.

The data doesn’t show the darkpools selling the highs. Very similar situation to Thursday.

• Bulls want QQQ 364 to be reclaimed. SPY 436-438 needs to hold pullbacks.

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

Clues are lacking in the data today, so watch the levels.

Monday

SPY had a double dip and then ended up at the highs hugging 442. That level was stubborn all day long and should be the level to watch tomorrow.

SPY PRINTS

Neutral and not much volume. I’m starting to sound like a broken record.