Quick Notes: Following yesterday's weak close, both the SPX/QQQ initially moved lower to test their respective 20 day MA's where buyers stepped back in aggressively helping recover their recent losses. Simply put, they held support and bounced and remain range bound over the past week. The SPX simply re-tested last week's lows and bounced hard. Quite honestly, we have seen a lot of range bound chop of late but no real break of key support. Let's continue to respect the trend and adjust to what's in front of us day to day.
While the market has been range bound over the past week, we have managed to uncover a few setups that have provided decent trades in both directions. Remain prudent with new entries and manage according to your plan.
Note: Several previous ideas on watchlist remain valid but simply have not yet triggered so continue to re-examine each night. Consider making a fresh top 10-12 setups each night and put on front page along with existing trades. My advice is to keep your total ideas to a manageable number. Lastly, it's best to wait at times for valid setups to form - sometimes less is more.
Please take a moment to look at the trade ideas.
8/2: SPX daily DVT = 4230, SPX 2 day DVT = 4260, Weekly DVT = 4057
QQQ daily DVT = 352, 2 Day QQQ DVT = 348, Weekly QQQ DVT = 325.2