The SPY gapped up huge overnight but has been rejected so far by the 50 day as you can see below. We got our umpteenth “Iran deal” headline this morning and that combined with some short covering is the move we got. We’ll have to see what comes from this rumored Iran deal but oil is still over 101 so it isn’t exactly buying the rumor. Earnings season kicks off this week with some big ones from Meta,Tesla, and SpaceX giving us that read into the ai trade that everyone has been waiting for. Other names reporting this week that will have a big read for the trade are BE, LRCX, TXN, IBM, and WDC all on Wednesday and Thursday. So super busy week to possibly change narratives but right now the overall market looks like a deadbeat bounce unless we can start pushing through all these moving averages and close higher.
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Here are today’s large cap momentum scans from the database, nothing really notable. The rest of the scans can be found in the database link below.
My Open Book
Trades I Made Today
