May. 10 at 4:41 AM
$QQQ &
$SPY what happened to those institutional distribution days? We've definitely seen distribution patterns, though it seems to be more involved with poking crude on the market and liquidity hunts, especially at night. Those tend to, but not always, be followed by floor breaks at night, -1-2 that feel scary but hold), then moves up, one or two retests - recoveries at night and that trading day. But there were certain distribution days that had a pattern - hovering up at open, then dropping to test a range, either bouncing off it, and holding, or dropping further during the day or at night. I specifically remember one in March, terrible futures, hover at open, down, up, down at close 24500 support bounced at nq, after Amazon earnings. Then it recovered, retested 25500 or so, then dropped again on the "Ai scare trade" involving
$NOW $CRM these stocks have barely moved up in this rally. The ones that have moved up are totally Ai centered, hyperscalers and until recently fibers...
