4/13/20 MARKET CLOSE Update - INDEXES

The indexes were negative under the surface today but were flat/positive price action due to very thin leadership with FAANGs and some Semiconductors stocks.

SPY: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Bullish (but close to exhaustion)

Internals: Turning Over

Block Volume: Neutral

GEX: Negative


SPY Summary: Held up by FAANGs. Still negative day. GEX flipped to negative. Seems that this is distributing underneath as volume was weak and light. Could continue this gorp all week with OPEX if FAANGs run a muck. Looking for more internals to guide here.

QQQ: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Bullish Exhaustion

Internals: Turning Over

Block Volume: Negative (selling underneath was heavy today into price strength)

GEX: Negative (but seems 198 level is important)


QQQ Summary: Tech could be topping still. FAANGs carried the entire index as 65% was negative. Selling into price strength was strong. $198 price level seems important for now and $210 price level.

SOXX: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Bullish Exhaustion

Internals: Turning Down

Block Volume: Negative (selling underneath)

GEX: Neutral (with no positive gamma strikes surrounding it)


SOXX Summary: SOXX was really meh today outside of AMD. Internals look really toppy here and upside looks limited. Not rolling here but really limited upside follow through. Low volume distribution day.

IWM: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Bullish (still room for more upside)

Internals: Turning Over

Block Volume: Positive (BTD late stage folks)

GEX: Negative (still very heavy negative bias)


IWM Summary: FED action didn't instill too much confidence as IWM was down almost 4.5% at one point intraday. Afternoon session brought some rally but closed negative. Internals are rolling over and you can see the difference between this and SPY/QQQ that there is NO FAANGs carrying this index or XLF index.

VIX: Chart with Detailed Levels

Market Structure: Still overall Bullish

Momentum: Reset to Zero (not bullish until there is a cross-over)

Internals: Turning Up

Block Volume: Neutral today (some buying into weakness)


VXX: Chart with Detailed Levels

Market Structure: Still overall Bullish

Momentum: Approaching Reset (not bullish until there is a cross-over)

Internals: Neutral

Block Volume: Turned Up (selling underneath/no buying yet)

GEX: Negative (but less than Thursday)


VIX/VXX Summary: Price down in both but under the surface buying showed up. That is first sign in a while. GEX improved from -$7.8M to -$5.3M. Internals are bottoming. Even if price leaks, we will watch the internals. Price moves very quickly with these, almost the last thing to be concerned with when monitoring (and still very much in support levels at the moment).

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