Dead Cat Bounce Or Bottom? March 10 Stock Market Preview
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Monday’s YouTube video discusses SPX, the VIX, GLD, BTC, SLV, AAPL, and NVDA, offering a nuanced perspective on some tickers you won’t see in tonight’s newsletter. You can view this and prior YouTube videos by clicking Community at the top of our homepage to find our YouTube channel link.
Bulls staged an impressive intraday rally, reaching key resistance areas to the upside despite making new lows across the board. The VIX made its intraday high in the premarket, opening 35.12, with a big decline to follow. Despite the drop, the end result (so far) has been a higher high and higher low for the VIX.
Market bulls may want to see the rising HMA support at 23.65 broken to the downside for a daily close, while volatility bulls may look for the opposite, with the momentum of the current trend and volume at higher strikes up to 60 being marks in their favor.
SPX’s daily chart shows a declining trendline, with price unable to close above the cluster of moving averages for the better part of 3 weeks. Once again, we are seeing a rally amidst a downtrend that closed the day below the moving averages.
Selecting for net GEX while excluding 0 DTE GEX and volume below, we do see significant interest in the 7000 strike, and also the 6000 and 6700 strikes.
A close above 6850 will bring 7000 into focus as a possible destination, while a move below 6700 opens the door to 6600 and possibly closer to 6500, based on GEX. We will be watching action around these levels in coming days, if/when reached again.
QQQ rallied right into resistance, technically closing 2 pennies below the 9 SMA.
GEX remains solidly negative, despite net GEX decreasing significantly.
630 is a potential upside target if QQQ can overcome 610, otherwise, we may still see 565.
IWM displayed the earliest signs of a potential rebound today, based on the Keltners and GEX, and IWM may still hold potential to rally toward 257-258, with a test of those levels potentially revealing intentions toward either upside targets as high as 270 or lower targets (where most of the volume was concentrated) at 230 and 240.
IWM saw a net GEX rebound today, though weak, remaining in negative territory. A more bullish rebound in GEX would be nice to see with price rebounding strongly, so we’ll continue watching in the face of uncertainty.
We hope you’ll join us in our livestream tomorrow as well as in Discord where we’ll share some observations of our own during the day.
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