Stocks finished the day lower, with the QQQ ​falling by around 1.3% on the day. The market had been pretty tame all day but then sold-off at days end, as Congress has yet to come up with agreement over the next stimulus bill. Additionally, the Qs managed to fail at a pretty strong downtrend, which helped to accelerate the selling. 

The significant level to watch for the Qs comes at $254. It is where the long-term uptrend from April lies. A break of this uptrend would result in a great deal of damage to the market overall. With the FOMC press conference tomorrow, it could be a huge day. 

As I have been noting since the second week of July, the bearish putting betting has just been building and building in the Qs.

S&P 500 (SPY)

The S&P 500 was not immune to today’s selling pressure, either. It dropped by around 65 bps. The S&P 500 seems to be in a much safer place than that of the NASDAQ 100. 

More recently we have been seeing the put buying move in the SPY 

Apple (AAPL)

Apple did not have a good despite reports that the iPhone launch will occur in September despite reports from last week it won’t. I noted in the midday that Apple did not respond well to the news, and I found that to be very odd. When stocks don’t respond to positive news positively, it means they are going lower, not higher. I don’t like this set up going into results on Thursday.

Amazon (AMZN)

Amazon now has a downtrend in place, and that is not good news for the stock. Like Apple, the setup looks poor going into Thursday. 

Micron (MU)

I noted in an SA article today that Micron stock is seeing some bearish betting and that a drop below $49.80 triggers a decline to $45.50.  

That’s all I have the energy for today, I’m drained, and my head hurts from thinking to hard.