The SPY gapped up over all the moving averages following the monster guidance from SpaceX yesterday. The problem we have right now is we’ve gone nowhere in so long that all our moving averages are bunched together. The 100 day is 1.5% away from the 8 day and one day you’re breaking down and the next you’re breaking out. It’s really hard to have a feel when you remain rangebound and have all the other mag 7 names left to report starting with Meta today. If we’re going higher we need Meta to not surprise with some big miss or a big raise this afternoon. Oil is cooling off a tad and the vix is back to 17 so we have the environment where tech can go up with a strong guide from Meta but realistically we’ve done nothing since friday and the past 3 days are all contained within Friday’s candle. Until we move above or below that candle we are just range bound.
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Here are today’s large cap momentum scans, the rest of the small and midcap scans can be found in the database link below.
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Trades I Made Today
