QQQ: On The Edge?
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Today’s YouTube video can be viewed by clicking here. We’re going to experiment with a slightly different format today as we attempt to condense our observations into shorter bullet points. This may mean fewer jokes (and we know those are really good jokes), so hopefully you’ll survive! Regardless, we appreciate feedback when you share it with us, and we’ll be attentive to listening to your comments in all aspects of our offerings and Discord community.
Current State of QQQ:
Keltner channels are still in a solid bullish uptrend since mid-May
GEX (gamma exposure) is still larger at 570 and 575 than at any negative strike, though note the fairly even distribution of GEX across every 5-point increment between 500 and 555, whereas positive GEX is almost nonexistent above 585
Today’s close below the yellow Hull Moving Average is potentially bearish, though the close wasn’t very convincing, as we’re still close to the line
QQQ plunged into negative GEX territory for the first time in quite awhile, though most of this is concentrated at the 0 DTE strike.
It’s still worth noting that the median negative GEX strike between 500-555 has more GEX than strikes above 580.
IWM staged an impressive rebound, closing just above the Hull, though barely.
Both QQQ and IWM printed lower lows and lower highs today.
IWM continues to show the most bullish near-term scenario with the Keltner channels aiming for 230 by Friday at the latest.
IWM GEX remains mired in negative territory, though not deeply negative.
IWM’s GEX picture still shows most of the 230 GEX to be clustered around August 15.
We’ll continue watching IWM for possible advanced signals regarding the next directional move that may end up applying to other indices as well.
The VIX is still hugging the Hull, also coinciding with the big GEX at 16-17.
Options market activity has been elevated at almost exclusively higher strikes.
The VIX continues presenting a potentially contrarian bullish setup for volatility and a bearish setup for indices.
We may be hard-pressed to see substantial downside right before major earnings reports, starting with GOOG and TSLA tomorrow and a large number of others in coming days. July 31-early August appears to be the timeframe with the heaviest concentration of earnings reports, so any shallow pullback may end up being an opportunity between now and then.
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