Dave Barnhart maps intraday trade setups for QQQ and SPY using $27B in large block trades from the past month. QQQ bullish above $7.22 targeting $7.26, bearish below $7.17 down to $6.95. SPY bullish above $735 targeting $740.96, bearish below $733.
Chapters
Good morning, traders. It's Tuesday, June 23rd at 4:20 AM. All right, 2 stocks for you today. We got the QQQ and we got the SPY. So both stocks are down quite a bit. Q's are down $20 pre-market. So let's go ahead and have a look. Largest trades in the last month. We've got June 3rd here right at the top. We've got 7 round 746, 3.2 million shares. These are billions of dollars coming back to support here. Look at all of these ones: 4 million, 2 million, 3 million. 3 million. And then we held this one. We opened, tested below, came up, and now what we're doing is we rejected these prints. You could see yesterday we pushed up to test a lot of them. This was a huge one, 9.7 million at $7.4033. We didn't hold that, and then today we're down testing these prints below. So let's go ahead and have a look to trade this on the intraday. We're going to be bullish above $7.22. Let's get above the 6.5 million share trade target, $7.24, $7.25, $7.26. 84. Then we've got 728.20 is S2, 730, 731.87, and then we've got 733.08 is S1. Okay, so on the downside, we're going to be bearish below 717. We've got a 3.9 million sitting here pretty much right at this S3, which is usually oversold. So we'll see what actually happens if this can be a bit of a floor. Uh, target 716, 715, 712.50. 710, 708, 14 is 2.8 million. 706, 08 is S4, and then within 2 cents of that you've got 6.9 million at 705. Then 702, 50, 700, 695, 02 is S1, and that's sitting pretty much at another 4 million share, uh, print there. So lots of room on the downside for that if it continues. Let's go ahead and look at the SPY. Okay, similar sort of thing. It's got the same sort of pattern. Look at these monstrous prints: 14 million, 9 million, 10 million, things like that. And, um, we're sitting here, uh, May 29th. We had some prints broke below, got more prints shot up to the print, tested, and now we're breaking below on the downside. So let's go ahead and see what it looks like On the intraday, you can see how we're below all of these prints that are right here. We are going to be bullish above 735. Let's get above this current range. Target 736, 737.33. Then we've got about 20 million sitting there. 737.55, 738.85, 740.51, 740.96 is 8.7 million. And it's also the retracement to the 4 exponential moving average that gets us up here. Then I've got 744.62, which is actually S1. 741.62, which is S1. Now on the downside, we're going to be bearish below 733. We're getting close to that now, so just find the next level, see if this can be support, this S3. This is definitely a target wherever you get in, 731.80. $7.30, $7.27, $7.50, $7.24, $7.75, $7.22, $7.50, $7.20, $7.17, $7.00, which is S5. The ATR in this one's about $9. We're already down $11, so let's see if this momentum continues there. All right, there you have it. Those are your 2 trade setups for today. So please like, share, subscribe, leave some comments in the comment section below. And we'll see you tomorrow with all new trade setups. Happy trading. Mobitick has partnered with TrendSpider to bring real-time institutional trades to your charts. Click the link in the description below for more details.
