10/20 Recap
The Nasdaq continues its push lower as the SPY actually hit the 200 day right now. It is holding it, but this isn’t the best look. We are well below the 8 ema and this period of weakness we’ve been in for a few weeks is continuing into next week with all the big earnings to be announced.
The weekly below is putting in a big, bearish engulfing candle, that is not good. You know I said weeks back when we broke my trend line that weakness was probably going to be here for a little bit, that has happened and now either megacap tech saves the market next week or we’re going to drift lower until the Q4 reports.
TNX is putting in a lower high on the RSI, is this the top? It sure looks like it, every fed speaker keeps telling us this is it on rates. The bulls definitely want to see this cool off and quickly.
On a brighter note, the solar puts I highlighted in yesterday’s recap worked really fast. After hours yesterday SEDG cut their guide out of nowhere and the weekly puts went up almost 80x this morning for one person who dm’d me as the stock was down 35%. ENPH was down 13%, and NOVA was down another 8%. NOVA had been one of the top trending bearish names for a while, just impeccable timing on those put buys yesterday.
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