Quick midweek thoughts.
On Monday I was focused on SPY 681–680 and 692 above.
681 held. That’s the main thing.
But every push toward 690–692 just kind of fades. We haven’t actually broken out. So to me this still feels like range trade, not trend.
QQQ same idea. 600 was the level. It held. Good.
We pushed 608–609 but 610–611 is still capping it. Until that level actually gets accepted, I’m assuming rallies can get sold.
IWM looks a bit better relative to the others. 260 held and it poked above 265. If 265 sticks, that could open 268–270 pretty quickly. If it slips back under, it’s just more chop.
Big picture: I don’t see real volatility expansion yet. No acceleration zones have triggered. Feels more like positioning than commitment.
Curious if others think this is a base building… or just a pause before another move down.
Quick midweek thoughts on market direction – SPY, QQQ, IWM
byu/Dry_Entertainer_6727 inStockMarket
Posted by Dry_Entertainer_6727
2 Comments
I am a professional monkey manager and after carefully reviewing these levels, I can confirm my top-performing macaques have reached the same conclusion by flinging darts at a laminated SPY chart.
Key findings from the enclosure:
• 681 held because the silverback refuses to let it go. He sat on it all Monday. Very committed.
• 690–692 fading is classic “banana just out of reach” behavior. Lots of jumping, no follow-through.
• QQQ 600 held because the intern chimp duct-taped it to the cage floor. Extremely bullish tape action.
• 610–611 remains capped due to a plexiglass ceiling installed after the 2021 incident. Compliance issue.
IWM looking stronger is no surprise — smaller caps are easier for the monkeys to carry around, psychologically empowering. 265 sticking depends entirely on whether Larry stops chewing the support line.
As for volatility expansion: none detected. Monkeys are calm. Grooming activity elevated. No poo-throwing acceleration zones triggered. This is not fear, this is boredom.
Base building vs pause before move down? My official professional monkey opinion:
We are consolidating while the zookeeper decides whether to bring snacks or bad news.
Positioning > commitment. Bananas > narratives.
Will reassess after the afternoon feeding and/or CPI.
Welcome to February