SPX At All-Time Highs Entering OpEx: May 10 Stock Market Preview
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Tonight’s YouTube video covers SPX, the VIX, PANW, AMD, and GLD, plus you can view our library of previous videos by clicking Community at the top of our homepage to find our YouTube channel link!
QQQ reached the upper weekly Keltner, closing Friday at 711.11. This area marks the last most likely turning point on my chart, though short-term excursions could bring price above that line.
Price is quite extended above the 638 HMA, but other factors may contribute toward a more positive short-term path. Regardless, the rising HMA still has a long ways to go to meet price, so a QQQ drop back toward $650 would not be surprising.
SPX has a more positive-looking GEX picture, with net positive stikes at high as 7500, and price closed just below 7400.
Bears want SPX to drop below 7321 to open the door to 7100-7200.
IWM has a positive GEX picture up to 300, but total volume sees biased toward lower strikes.
We also see IWM stretched above the HMA. My preference would be to see a pullback toward the rising yellow weekly HMA, at 267, then rally to 300 before a larger potential drop. A loss of 282 opens the door to a test of 267, to combine my daily and weekly chart indicators for what I believe to be important zones.
VVIX (not shown tonight) set its low at the key 90 area on 4/28, which I view as significant, given the rise in the market since then.
Volatility simply isn’t falling apart as the market careens toward the heavens.
A look at Friday’s GEX is still mostly negative, but we have growing positive GEX at higher strikes, and volume to show for it as well.
Is VVIX telling us that another VIX spike is in the works? The odds certainly seem to favor that, but in the meantime, we’ll continue watching the short-term indicators for what we hope are early signs of a turn.
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