QuickStack: The Test
Wednesday Will Determine The Week
Tuesday proved to be an atypical day. Both the $SPX and $NDX opened with significant gaps upward, reaching new all-time highs at 6,302 and 23,051 respectively.
However, by the close, both indexes dropped below Pivot, with the majority of the sell-off taking place in the final 90 minutes of trading.
Here are the stats:
SPX Close: 6,243
SPX Pivot: 6,262
NQ Close: 23,007
NQ Pivot 23,065
So where does the market go from here? Let’s get into it…
Wednesday will determine the week's direction. Should Pivot not be reclaimed by tomorrow, the market will shift to a Daily Sell Signal for the first time since June 11th.
It is expected to last 4-5 days.
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