Mind the Gates

Headed into a reasonably busy late-earnings season lineup tonight with ROKU front and center (not to mention Janet Yellen on CNBC's "Closing Bell"), equities are bouncing well off session lows just like they were yesterday around this time. 

The knee-jerk reaction is, of course, to dismiss this dip as another laughable attempt by bears to bring the one-way market down for any meaningful period of time. Indeed, that sentiment is quite noticeable on social media yesterday and today. But it may very well be setting the stage for some OPEX fireworks tomorrow and into next week, a period we know can be seasonally rough amid a complacent and overbought market especially. 

As for the nitty gritty, the QQQ (hourly chart, below) shows todays gap from this morning getting filled as we speak. Yesterday's gap has not been filled. Above $334 should give bulls a good shot to do just that, which is why bears will need to valiantly defend it into tomorrow. So, mind those gates. 

Going forward, the speculative sentiment in the likes of TSLA and crypto monsters like RIOT continue to be a good indicator of whether bulls will keep the party going.