The SPY continues to flag over the 8 ema in a bullish consolidation. Overnight the Kospi was down 5.5% weighing on our tech names. They are getting margin calls in Korea seemingly every single night recently and while it did flush our ai names overnight, many have been bid up to green in today’s session. The overall market looks fine here as we’re just trending over all the short term moving averages. If you’re questioning yourself and wondering why the market feels so painful, this post below from Martin Pelletier today should give you more context on the brutality of a market sitting basically at all time highs where 89% of names down over 10% off highs from early June. This has been a really unique year where the market is at highs but most names are struggling.
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Here are today’s large cap momentum scans from the database, the rest of the scans can be found on the link below
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