🕵️‍♂️ I SPY, QQQ, IWM TA - Friday Nov. 19, 2021

US Market Wrap - Financial Juice

• In a turbulent session ahead of Friday's options expiry, technology stocks powered the equity market to a record.

• The S&P 500 reached its 66th all-time high, putting the benchmark index on track to set the second-highest number of annual records in history, trailing only 1995. The tech-heavy NASDAQ 100 outperformed after global chipmaker Nvidia raised its outlook, while Apple surged after it was reported the corporation is accelerating the development of its electric automobile. Macy's Inc. and Kohl's Corp. led retail advances after indicating that consumer demand remains strong.

• According to Mark Haefele, Chief Investment Officer at UBS Global Wealth Management, the S&P 500 might reach 5,200 in the next six months in an environment of less monetary stimulus and outperformance by cyclical companies. That would imply an 11% gain from Wednesday's close.

• JPMorgan Chase & Co. economists said they now expect the Federal Reserve to raise interest rates in September, becoming the latest on Wall Street to abandon a forecast for the Fed to remain on hold until 2022. Analysts at Goldman Sachs Group Inc. predicted a Fed rate hike in July last month. Morgan Stanley analysts believe officials will continue to hold steady on interest rates for the rest of the year.

🕵️‍♂️ I SPY, QQQ, IWM TA - Thursday Nov. 18, 2021

SPY Recap - Nov. 18

• Micro support - 467.50

• Micro resistance - 469.10

• Bullish targets - 470.49 - 471.34 - 472.99

• Bearish targets - 466.68 - 465.60 - 463.78

• Major support at 465

• Consolidation around 20 SMMA

• Best case for bulls is we gap above 469.10

• Best case for bears is gap below 467.50

SPY - Nov. 18 - Price Action

• Open: 469.24

• High: 470.01

• Low: 466.34

• Close: 469.73

• Volume: 47,079,937

SPY - Nov. 19 - Analysis

Options Data

Volume totals reflect options traded during the current session (11/18)

• Put Volume Total: 1,787,639

• Call Volume Total: 1,559,174

• Put/Call Volume Ratio: 1.15

• Put Open Interest Total: 14,344,434

• Call Open Interest Total: 7,266,012

• Put/Call Open Interest Ratio: 1.97

Technical Analysis - 65 min.

• Support - 468.00, 466.52

• Volatility trigger - 467.00

• Resistance - 470.49 - 471.00

• Call wall - 470

• Bullish targets - 472.37 - 473.86 - 474.68 - 475.89

• Bearish targets - 465.81 - 462.80 - 460.92

• Put wall support - 463

• VWAP at 468.82

• Riding upperband

• Lower band at 468

Notes:

• Can Bulls finally push us over 471?

• Opex tomorrow

• Looking for a dip to VWAP or lower band, near 1st support level in AM and reevaluate. Or looking for established support above resistance if we gap up.

RSI - 65 min.

• Above 50

• Bulls in control

MACD - 65 min.

• Bulls held off

• Bullish cross

• Bulls looking to extend

SPY Long-term - 65 min. - Jan. 21, 2022

• Major support - 462.57

• Major resistance - 470.39

• Bullish targets - 481.57 - 490.73 - 496.85 - 503.51

• Bearish targets - 453.85 - 448.56 - 437.23 - 428.71

From Carl Quintanilla on twitter:

The repeated choppiness around options expiration raises the question: “is this too obvious now?”