4/15/20 MARKET CLOSE Update - INDEXES

Bears didn't care about the FAANGMs today.

SPY: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Bullish (exhaustion)

Internals: Turned back down

Block Volume: Heavy Chasing into down day

GEX: Negative


SPY Summary: Index was ugly - literally the only thing holding it up was FAANGMs and the tech components again today. GEX share quantities negative imbalance now prevalent and 275 seems to be important level. 2600 is important as is 2850 upside. OPEX is Friday.

QQQ: Chart with Detailed Levels

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

Momentum: Bullish Exhaustion

Internals: Turned over but still positive

Block Volume: Neutral (buyers were there but it appears just in the FAANGMs)

GEX: Positive (flipped in one session)


QQQ Summary: Simply all about the FAANGMs. Are AMZN and NFLX the last great bubble phase to show up in this exuberant central bank liquidity experiment??? Maybe...because they sure have that TSLA-like look in their eye...

SOXX: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Bullish Exhaustion

Internals: Collapsing after yesterday's move

Block Volume: Neutral

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


SOXX Summary: Weakness today in everything in the sector except for the primary players (like NVDA and AMD). But these were struggling to make new highs...clock is ticking here.

IWM: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Stalling (still room for more upside)

Internals: Turning down (need to monitor this tomorrow)

Block Volume: Positive (BTD late stage folks got CRUSHED today)

GEX: Negative (still very heavy negative bias)


IWM Summary: This was ugly overnight and ugly during the trading session RTH. This has so much pressure on top of it at the moment. The distribution zone noted on the chart is useful today as price firmly kicked out of it. Will it try to jump back in or just go ahead and puke now?

VIX: Chart with Detailed Levels

Market Structure: Bullish

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

Internals: N/A

Block Volume: N/A


VXX: Chart with Detailed Levels

Market Structure: Bullish

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

Internals: Neutral and improving

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

GEX: Negative (major improvement day over day here with positioning)


VIX/VXX Summary: This is starting to show signs of bottoming. The accumulation zone is shown on the VXX chart as well as resistance above. This could chop and base in this area but at this point I do believe that we are in the accumulation areas and you will see down days into that zone area get bought. Looking for money and for volume to cross the zero line and for momentum to turn up. This could be worth accumulating in these lower levels as there are some serious default risks coming in May/June that IF they happen could rock the economic ecosystem. Don't be a pig if playing with VIX/VXX/VX...and use stops but as long as the accumulation level holds, then it is worth spec plays and hedging plays here.

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