4/14/20 MARKET CLOSE Update - INDEXES

FAANGMs gave it to the bears today. No mercy.

SPY: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Bullish (but close to exhaustion)

Internals: Turned back up today

Block Volume: Neutral

GEX: Heavy Positive Flip


SPY Summary: All about the FAANGMs and the top 6 holdings. More on that in the summary later.

QQQ: Chart with Detailed Levels

Market Structure: Still overall Bearish (but getting closer to neutral)

Momentum: Bullish Exhaustion

Internals: Maxes out up in single session (eesh)

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

GEX: Positive (flipped in one session)


QQQ Summary: This is 47% FAANGMs in the top 10 holdings. ALL ABOUT FAANGMs. One way trade. Rest of the index was meh. Semiconductors and FAANGMs were cranking today. Approaching major inflection area next few days.

SOXX: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Bullish Exhaustion

Internals: Total max upside move in one day

Block Volume: Negative (selling underneath)

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


SOXX Summary: SOXX cranked today too - AMD and NVDA are now looking like they are headed to new highs...rest of the index lagging. More example of how entire market is sitting on about 15-20 stocks...crazy.

IWM: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Bullish (still room for more upside)

Internals: Turning UP (need to monitor this tomorrow)

Block Volume: Positive (BTD late stage folks)

GEX: Negative (still very heavy negative bias)


IWM Summary: This is still in the toilet...BUT have to watch tomorrow for the internals to be leading some sort of major price move up. IF this follows FAANGMs and BANKS get involved then there is some merit to a real bout of risk-on. Have to see what happens.

VIX: Chart with Detailed Levels

Market Structure: Still overall Bullish (but running out of room below)

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

Internals: Dead right now

Block Volume: Neutral today


VXX: Chart with Detailed Levels

Market Structure: Still overall Bullish

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

Internals: Neutral and improving (different than VIX)

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

GEX: Negative (major decline - ouch)


VIX/VXX Summary: Need to see that this starts to base out. The vol targeting started early in futures last night and took a clean 6% off by morning. Although we are still well into the volatility zone (above 25.00) we are at this rate going to be at 0.00 reading by Friday lol. Volatility needs to base at least here...or it will get whacked below 25.00 and we are in short vol purgatory again and the doom loop turns into the feeding loop (high value GEX + low volatility = less volatility = BTFD)...

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