Thursday 8/3/2023

good place for a bounce

Intro

Wednesday

SPY prints at the highs overtaking prints at the lows. Bearish.

QQQ same as SPY. Bearish.

Macro trend selling. Bearish

Realtime prints are not high volume. Neutral. Note that a majority of the SQQQ trades are still green, and many of the positions are likely active (bearish until they trade out).

Close prints appear to be heaving selling on indexes.

Same update as yesterday. I have bearish bias here. I’d like to see them take the market down a few percent, hold it there to buy again, and then continue the uptrend.

Thursday

The charts aren’t very telling today. Let’s look at the data.

SPY PRINTS

$3B borderline.