$SPY Cracks Highs Then Traps

The Street is taking market participants for a ride in today’s session. They took $SPY through its ATH”s, only to dump it all back, bringing the ETF to yesterdays close. Price bounced and is currently testing PM highs / ATH’s in midday trading. Buckle up.

An interesting news piece came out regarding meme stocks. Apparently, the SEC is stepping in. One of the biggest things that stood out was payment for order flow by retail brokerages. When these brokerages began battling it out with each other over, slashing trading fees; you know they were getting paid from somewhere else. They weren’t just being nice, your flow became part of their business model. So, with the interest of these meme stocks and their ability to run triple digit percentages, the nice folks over at the SEC may be raining on the retail parade.

Basically, the boys on the Street were getting smoked by retail, so someone had to do something about it. Manipulation in the markets are fine, just as long as it’s being done by Wall Street… but if retail manages to move price – something needs to be done. What a joke.

$SPY 423.41 +1.73 (+0.41%)
$QQQ 339.29 +2.46 (+0.73%)

Health Care +1.32%
Consumer Staples +0.83%
Energy +0.54%
Information Technology +0.45%
Utilities +0.44%
Communication Services +0.37%
Real Estate +0.35%
Consumer Discretionary +0.31%
Materials -0.03%
Industrials -0.26%
Financials -0.40%


July 30th Trade Ideas

Heavy selling going on in today’s PM session. The boys are about to step in and either continue the bleeding or stop it. It’s Friday after another ATH print

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