Thursday 4/27/2023

good spot for a bounce today

Intro

Wednesday

SPY lost 406 and the high volume trade box. Bearish.

QQQ has about $1.8B new prints that have turned green, which is mildly bullish. For the bullish case, QQQ needs to hold (“Aisle Blocker”) on any pullback.

Macro stock trend neutral. Likely selling into strength, but looks better due to the recovery in the aftermarket.

Realtime prints high volume MSFT IWM GOOGL likely selling into strength. More China names worth noting.

Close prints high volume many megacaps. I think this is the same action as realtime prints. TSLA might be covering shorts here.

Thursday

From Wednesday: If I were going to bounce the market a few bucks, this might be a good spot. I’m longer term bearish though.

Why? SPY sitting on a big darkpool print and the daily bottom keltner. Good support there, and they can’t drop the market forever.

SPY bounced today, really a meltup day.

Will it keep going? Let’s look for clues.

SPY PRINTS

Cancelling trades