Hello Everyone,
Quick Notes: After the "V" rally the past 5 sessions which formed a divergence on the daily charts, the SPX/QQQ finally relented today and pulled back. The SPX pulled back to test it's 9 day EMA while the QQQ dropped down to test its 20 day MA before both bounced into the close. For the SPX futures the 4350-65 area is now important support to monitor the balance of this week. Thus, it's now important to see some basing or continuation to the upside from today's bounce.
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.
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7/23: SPX daily DVT = 4260, SPX 2 day DVT = 4232, Weekly DVT = 4057
QQQ daily DVT = 352, 2 Day QQQ DVT = 348, Weekly QQQ DVT = 325.2
