When SPY starts playing better than both the Couch Potatoes (QQQ) and MiniMes (IWM) something might be happening. The current mild weakness could become intermediate in strength. If an investor is carrying too much size, the heat can make a persuasive case to sell, and that is probably not something to do here.
The weekly SPY and QQQ charts are virtually identical. It doesn’t make sense to look at both with the idea of making different decisions based on trivialities. If you wait for the green lines to come into play before selling, you’ve made a mistake. On the other hand, you do not want to be flat there or here.
The market gave everybody two weeks to take off extra size. This isn’t a bad place to turbocharge a CO play, but a better entry was around 10AM. It is useful to watch 9:30 to 10:00 and 10 to 10:30 30 minute candles carefully to get a sense of direction. .