Checking in on the Indices
$QQQ $SPY $DIA $IWM
Seems like a good day to see where things look on a bigger picture -
First, put/call volumes suggest that we could have some more shakeout still to go. Index Put/Call isn’t overly stretched, despite being above 1.00 currently.
AAPL 0.00%↑ and AMZN 0.00%↑ after the bell today. Couple of logical points of interest for this downside move are the YTD AVWAP and 200 day moving average, which is rising.
I would be surprised to see SPY 0.00%↑ retest similar points of interest on this pullback, though May left a number of unfilled gaps which do line up with those points of interest.
I wrote about small caps yesterday -
While some gap filling towards $200 is perfectly reasonable, the longer term setup here looks incredibly constructive for a retest of 2021 highs. Pullbacks should be viewed as opportunities to find new entries as long as IWM 0.00%↑ is above $200.