SPY vs QQQ | Did Our Targets Hit?

Hello traders, it's Monday, March 9th at 3:26 PM. The market's closing in about 33 minutes, so let's review our trade setups for today. And it's great that we mapped them out on both sides. Everybody seemed bearish, but I need to show you some things. If you're watching the dark pools, you might know this. If you're new to the dark pools, this is really, really important to see. So, uh, on the left-hand side is the 5-minute. On the right-hand side is the daily. We opened, tagged massive prints, and moved up. Looks like we're heading towards this 4 exponential moving average around 678. But anyway, we were bullish above 660, 650, bearish below 660. And why we mapped out 660 is we wanted to be below these trades down here. So we— this This here, the pre-market was when I was calling out these trades at 661. So what I wanted to do was be below 660, be below this, this S3 right here, 660. That's what we were looking for. We wanted this to be resistance, break down that, be resistance. But anyway, look what happened right here. These are old trades. 6.5 million each from September 29th and September 19th, 661.78, 663.21. And if I zoom in here, when the market opened at 4:15 AM, we tagged this lower one. So the low here was 661.72. We tagged that, broke, retested this print, 663.21. And then we shot up, pulled back. Now this 84,000, anything that's yellow here, these are trades that are coming in real time. So when a new trade comes in, you wind up seeing it in orange within 60 seconds of the trade hitting the tape. That's, that's the benefit of that. So when you look at your charts and you're like, why did we just sit here? What's the big deal with 661.72? Well, it's because somebody has a couple billion dollars in the trade and they're defending this position. And so we don't have a bias bullish or bearish. Like when we look at this on the on the daily, it's like yeah well this is pretty bearish. I mean I've got some moving averages and stuff. We would probably aim for the 200, 656, right? But this one, this is very important to watch the institutions break. Retest, taking off, right? This print came in when the market was— after the market opened, 84,000 here. But this pulled back, held. We pulled back, tested the prints into the open, and then we shot up. Look, so we held this one, held this one again, got a new print and took off. And then we got another print up here around 668.57. Right. 50,000. We got tangled, snaggled in our 200 simple, 200 exponential. We shot up here, 671.95, pulled back to the 50, and now we're taking off. I don't know what the news is right now, but look at the volume. This was, this was pretty interesting here. We came up, tested this print, pulled back. Look at the volume here, increasing volume on this candle. And breaking above 671.29, breaking above this again because we have increasing volume, that's a great entry. But this candle formed so quickly and this one just shot up, so I'm not sure what the news is because I'm recording the video. But we do see that the institutions were in and they're defending these positions, right? So anybody that's short is probably flipping out right now. Because the SPY is actually up almost $4 on the day. Now here, if we hold the 675.87, 676 level, the next is 678.75 and 679.10 if this can get up there. So anyway, bullish above 660, 650. I had mapped it out to 672. Um, yeah, $672.65 is where I mapped it out to, which was about, uh, which was about here. $672.65, that's where I mapped it out to, and this just wound up shooting up just before I was going to record this video. So there you have it. This one's continuing on the upside. We had this massive volume here, and then the volume has waned quite a bit, but it's moving up on thin air now. So I'm sure if there's anybody that's short, they're being forced to buy. Now, this— the last half an hour of the day, there are ETF rebalancing. So the components of the SPY together have to equal the value of the SPY. So by law, if the value of the SPY, the price of the SPY, does not equal the constituent— the, the, the components Then they have to either buy the ETF or sell the stock, right? So either way, they have to balance it so that it's equal, that it equals its market cap and all of that sort of thing. So yeah, this this seems to be moving, and we broke this this four and the eight exponential moving average as this was running. There was no reason to get out. This is a good exit here. To take some profit at the 200 simple, 200 exponential, and this print. But this came up, pulled higher back, and then higher high. So this is taking off. So 678, 678.75, 679.10. And then as we get above that, this these were the ones that we broke down below. This was 20 million shares December 17th. December 16th, uh, this was $13.5 billion here, 679, 680. And then so this was almost, uh, not sure if this was $17 or $18 billion here. If we get above 682, then we can definitely move back up to 688, 690 on that one. Okay, so there you have it on the SPY. That's pretty decent. Let's go, let's go ahead and look at the QQQ. So the QQQs have taken off as well, and I've got this here where we can see with and without the current prints for today, right? So this— otherwise I've got the last, uh, 90 days here because we've— there's been such a massive move in the market, we need to see what's around us. And so yeah, we've got this here, uh, December to March. And then when we're looking at this here, this is the similar sort of thing. This is when we were mapping out, and we were bullish above 592.12, bearish below 589. So the 589 never occurred because we were back here. We, we mapped it out here. So if we, if we wanted to break below to be 589 and then target back here 586, but we were bullish above 592.12, and when did this occur? This occurred here at about 5:10 AM, came up, hit some targets, pulled back, held the support, break, retest, and then this was about 10:30 AM. So we had this break, retest, we had this increasing volume and moving higher, and so this one got us up to our target here at 600. That's where I had mapped it out to was 600. We pulled back to the 200 simple, 200 exponential, and then same sort of thing here. This can't be all retail traders, right? This is billions of dollars. So we were holding this, tested at 1, 2, 3, 4, 5 times. 6 times here was a charm, and then all of a sudden you get this massive increase in volume and this is taking off. So where, where to next? Well, we're at this 5.4 million from February 19th, $6.06 level. Let's see if this holds here. And then if you're in this, where's your target? Well, $6.0750 is big. This is a CAM right here, but then $6.0872 is a 3 million share print. $6.0903 is R2, and $6.0932 is 3.7 million. This to me is a bit of a top, so we'd probably pull back If we can break above and this be support, then potentially we can get up to 616. We'll see. And now, because we went back so far, you see the size of these prints: 8 million, 2.5 million, 3.7. Actually, those are market hours. If I switch to late prints, it would probably be better, um, more of them. 5.9, 2.8, something like that. And you can see this line in the sand right here. We call that The ice. If we, if we break this and this becomes resistance, then we would come down. But there's quite a bit of volume here pushing up on this, uh, in this area right here. So yeah, that's, that's what we're doing. We've got a target here to take some more profit if that's actually the case. So yeah, mapping it out from $592.12 to $600, that was $7.80-something. Since, and same sort of thing, if the 4 and the 8 are running together, then you stay in the trade. It started this again here, and now it's parabolic. So we'll see this when it's parabolic. Doesn't allow you to really get back into the trade because it's— if it's pulling back, it's pulling back to the 4 and then taking off. And you can see that we're hitting this target right here. The 608.72, and we'll see if that actually continues. I would definitely be taking some profit here at these other print levels because now we want 609 to be support. So if you have a little bit of a position, sure, stay in because this is still here. And where's the next one? 609.32, 610, and then 612, 612.50, 613. 14 if you're taking some profit off the table there. All right, there you have it. So if you followed me this morning, it's great to not have a bias because so many people were short. But in this case, we didn't have a bias. We saw the opportunity for the long. The short entry didn't occur, and we followed our trading rules, and it turns out to be a really good day trading. All right, happy trading everyone. We'll see you tomorrow. 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