$SPX, daily Bigalow: July 12th, $SPX daily bigalow, 8 EMA at 2768 and 50 MA at 2734.12. 50 DMA, Very consistent with .618 retrace
Daily stochastics are overbought in all the indexes.
On $SPX McClellan chart; advance/decline ratio and McClellan oscillator are at the highs. Summation is not easy for interpretation, but looks life five up off the recent lows. For NDX McClellan Chart, oscillator and advance/decline ratio has started to reset, indicating that prices are not extending organically anymore, without organic growth trading the long side is not a winning strategy, but a losing game.
Daily Volatility: VIX Inverted says we could see that hit to 2822.8, but VXV/VIX and VIX/VXST, are not allowing more upside. Joel Has 162 extension at 2810 for tomorrow on $SPX and for $QQQ 162 is at 181.34.
OI: we do remind you that we had a “high” projected for this Friday, July 13th, based on weekly razz constructed by Joel Withun, additionally, the expiration for tomorrow has a positive projection. After this week, we have lower projections at least until July 27th, based on current OI.
Only $TSLA, $YY, $HTHT and partially $BABA have low stochastics. All our other holdings are very high in stochastics terms, not very good longs to chase. We need a reset on $NFLX before earnings.
We still think we have higher levels to see on $QQQ, probably for 195 as secure target, but not from right here. We should see a pullback to 171 before that occurs.
Trade Well and Good luck
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