10/7/25 Recap

The SPY is sending out warning signals where utilities keep moving to highs, staples are strong, and the tech names are all hit as Oracle sent shockwaves through tech with the news dropping they just lost $100m this past quarter from renting blackwell chips from Nvidia. If you remember ORCL and their insane guide with OpenAI revenue was the recent catalyst for the move up in markets. The Information seems to constantly do this with pieces that move stocks quickly and then end up being nothing. NVDA is not even red right now with the NQ down 100+ so I don’t really take this as much of anything material. For today 667.71 is the level you don’t want to see the SPY break as we’ve been over the 8 ema for 8 sessions now and would ideally hold it, if that breaks the next level to watch is the 21 ema just over 662, until that is lost this is an uptrend. We also had Kashkari from the fed speaking and he said the data is showing some stagflation signals.

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