SPX Loses Key Level: April 22 Stock Market Preview
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Tonight’s YouTube video takes a look at SPX, the VIX, AMD, BTC, and CSCO, so check it out if you have a few extra minutes! You can view the video as well as our library of previous videos by clicking Community at the top of our homepage to find our YouTube channel link.
The VIX tested the 20 strike today, almost reaching 21. Given that the HMA is still quite far below the current level, we have risk either to 25 or to 17 from this point, so it may be easier to react to whichever appears first.
Volume continues to be mostly at higher strikes, and GEX is mostly higher than 17, so we’re probably at an area where downside for the VIX may be muted beyond a certain point.
SPX closed below the daily HMA, which may mean we could see a quick test of the 7000 GEX area.
Volume (the light blue bars) was mostly at lower strikes today, with 7000 being a big one.
A rebound attempt may find resistance at the HMA, currently at 7145.
QQQ also closed below the HMA, bringing 635 into the picture as an initial downside target we want to watch. 630 also saw high volume and matches with meaningful GEX, so 630-635 in general may be important.
A retest of 650 is certainly possible, though the major indices still floating above the upper Keltner channel may imply that any further move up is likely to be short-lived until price is back within the channel.
QQQ’s closing GEX today is just barely positive, so we’ve seen 3 consecutive sessions of lower GEX values even as price teases new highs intraday. Conclusion? I view this as a bearish GEX divergence that adds confidence to the idea of a deeper pullback.
IWM did its job of giving us a slightly early warning this morning before other indices turned more negative, reversing from the intraday high near 280 and closing below the rising HMA. We warned in Discord that losing the 277 area could see a fast drop toward 270, and we at least made it halfway there.
IWM may still see a proper test of 280, but volume was very heavy at 270, with noteworthy volume as low as 250 as well. We’ll continue watching IWM for clues tomorrow.
IWM is back in net negative GEX territory as of today’s close, a sad state of affairs for those hoping for a brighter IWM GEX picture.
But let’s be honest, IWM hasn’t spent a lot of time in positive GEX territory over the last couple of years, so we will continue to give more weight toward the chart, volume, and individually significant GEX clusters as opposed to the total net picture.
We hope you’ll join us in Discord Wednesday, where we’ll share some of what we’re seeing on the GEX Dashboard in our general chat.
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