SPX 3308 is accomplished with the ~close enough EOD pop yesterday and with the premarket gap up ahead of the 8:30 economic data with the WHOLE GAP from FEB 21-24 COVID Weekend filling @ 3337.75. This band aid tear off 5th wave is getting a bi obnoxious
The RED ZONE is the above 3150 view while this 2nd gap up from the weekend now provides a very similar to what we had going into FEB with multiple unfilled gaps below, but this time they are much lower than those 2800s we were targeting for 6 months ago. Yesterday’s 3306.51 is all that should be concentrated on for downside on today’s expirations with Friday’s 3271.12 left for Friday with today’s JOB DATA, Import/Export, ISM data a lead for Friday’s Non-Farm JOBS and Unemployment.
With the TRANSPORTS doing the bulk of the work which is shoving IWM back to that 151-153 after 7/8 weeks of seeing -139.20, the QQQ hint is only a hint until it is a clue:
JUL 13 we hit that 269.79 which was SPX posting its 3235 which later in the day dropped to 3149 on an 85p intraday range
JUL 23 QQQ revisited that 0.01 miss of 269.79 and 3 days later was LOWER than on JUL 14 when SPX dipped to 3200.05
Note we HAVE NOT dropped under 3200 since that STOP SWEEP dip to 3198.59 on JUL 16 👆 after….
With yesterday’s 20.47p intraday range on SPX afetr Monday’s LOWEST SINCE THE ATH of 18.47p intraday, we have now seen SPX close GREEN 5 consecutive sessions with the longest streak since the ATH drop started being 7 (MAY 31 – JUN 8 when we tagged 3233 for the JUN High)
3 sessions later, we had our last > -100p intraday session which came the night and day after the previous FOMC meeting for:
- 124.04p intraday
- -121.43p from open-close
- -188.04 from close-close
SPY CLOSES THE FEB 21-24 Covid Weekend Gap @ 333.48
– 330.08 Dividend Adjusted
We ENDED Yesterday with RUNNING SELL DIVERGENCES on the SPX/NDX 1Hr and VIX still in the +23s with GOLD +2000, DXY pushing for its already LOWS (92.546) of the Year, CRUDE above its 42 on the Lebanon and companies so anxious to get in front of what smells and setups up like a real 💩 storm that SQ reported early ahead of today’s schedule