🕵️‍♂️ I SPY, QQQ, IWM TA - Tuesday Nov. 23, 2021

US Market Wrap - Financial Juice

• Following President Joe Biden's choice of Jerome Powell to lead the Federal Reserve for a second term, equities lost ground while Treasury yields soared. The dollar increased in value.

• The S&P 500 fell more than 40 points in the final 45 minutes of trade in the United States. The index had spent the whole session higher before a sell-off in technology stocks drove it down for the day.

• The NASDAQ 100 dropped more than 1%, with Peloton and Docusign both falling at least 5.5%.

• The swaps market in the United States is now pricing in a full 25 basis point rate hike for the June Fed meeting, with a second increase expected in November. The dollar rose, while gold fell by more than 2% and oil rose.

• Biden had been considering between Powell and Brainard who he nominated for the position of vice-chair. The Powell selection comes amid rising concern that the United States' central bank would fall behind the curve in tackling sticky inflation.

• Consumer-price rise is accelerating at the strongest rate in decades, and price-growth forecasts are at their greatest since 2013.

🕵️‍♂️ I SPY, QQQ, IWM TA - Monday Nov. 22, 2021

SPY - Recap - Nov. 22

Price Action

• Open: 470.89

• High: 473.53

• Low: 467.35

• Close: 467.57

• Volume: 72,408,816

SPY - Nov. 23 - Analysis

Options Data

Volume totals reflect options traded during the current session (11/22)

• Put Volume Total: 3,152,309

• Call Volume Total: 2,437,621

• Put/Call Volume Ratio: 1.29

• Put Open Interest Total: 11,895,729

• Call Open Interest Total: 6,456,86

• Put/Call Open Interest Ratio: 1.84

• 11/24

• IV: 14.43

• Dvol: 1.29

• 461.40 - 473.42

• Key 469

• Crossover: 470

Technical Analysis - 65 min.

• Support : 467.78 - 466.39

• Pivot: 470.69

• Resistance - 473.40

• Bullish Targets: 474.38 - 475.89 - 478.31

• Bearish Targets: 464.71 - 462.81 - 461.74 - 459.47

• 9 and 50 SMMA acting as resistance

• Support at 50 SMMA

• Bulls lost 471.

• LOOK FOR MAJOR SUPPORT AT 462 IMO

RSI - 65 min.

• Bearish divergence

• Under 50

• Bulls need 50 - 60.60

• Bears want 37.80-

• RSI favors Bears

MACD - 65 min.

• Bearish divergence

• Bearish cross

• MACD line crossed 0

• MACD favors bears

BMI - 65 min.

• Bearish cross

• Bears want -DI at 40.5+ for continued downside

• Bulls want -DI at 15.16-

• BMI favors bears short-term

SPY - Jan. 21, 2022 - 1 Day

• Support: 462.53

• Resistance: 470.59

• Bullish Target: 481.57 - 490.73 - 496.85 - 503.51

• Bearish Targets: 453.85 - 448.56 - 437.23 - 429.83

• If bulls can establish support above 471 I believe we can see 481.57 - 490.73 before Jan. 21 exp.

• I will begin to worry about a downturn if we cross 462.53.

  • If 462.53 breaks I’m looking for a bottom at 453.85 - 448.56

• May see a 9 SMMA test as support tomorrow.

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