Retracement Day

What’s next after a wild two days? These 2 charts could unlock the markets next move.

After yesterday’s monster rally, we saw some retracement today with the market giving back a chunk of those gains. The S&P 500 finished -3.5% while the QQQ finished -4.3%.

I didn’t think it was possible to witness a “quiet” -4% tape, but after the last few days of action, today certainly felt that way. Volumes normalized a bit after setting a new record in total shares traded in 3 of the last 4 trading sessions (today finished ~23B vs 30B ATH yest).

So what’s next? Let’s dive into the 2 charts I’m really focused on right now: