Indecision Approaching OpEx: February 19 Stock Market Preview
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SPX: Tested and failed key daily resistance Wednesday, but the weekly chart still shows potential for a retest of 6953, if 6911 is overtaken.
Holding a retest of 6843 on a daily close maintains potential to head toward 6953-7000.
Weekly GEX (also OpEx this week) shows over 23% of negative GEX at 7000 expiring. Will this come back at a future date, or is 7000 about to look more positive beyond this week?
QQQ is quite far below the HMA and 9 SMA confluence, despite rejecting from the 15 EMA today, so the possibility is open for a retest of 616-617.
The trend is still lower on both daily and weekly timeframes, so until sufficient evidence exists that the drop is done, the heavily weighted GEX areas at 580-590 may ultimately be targets for this drop. If so, a retest of 616-617 may be a short opportunity, so we’ll watch what happens at that area, if reached.
The VIX can drop to 18 and still maintain the uptrend since December, so only a breach and a daily close below 18 will threaten the odds for another spike, in our view.
We will be watching the areas discussed as well as sharing new developments with the GEX picture tomorrow in Discord.
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