The SPY rejected the 100 day today for the third straight session and is now putting in a bearish engulfing candle. This is a terrible look. Nvidia is leading the way down in tech today and the neoclouds are continuing to be a complete dumpster fire as questions about the circular financing and its future with Jensen gone are now causing issues. The ai trade continues to be the pain point of the market. We also have rumors that Trump may restart the Iran war this weekend and the vix is back over 20 and oil is green on the session. Just being objective here, this isn’t a time to buy, it really looks like we’re heading back lower to retest that 200 day. The QQQ just broke down through that 200.
Here is the QQQ chart below and it crossed up through the 200 just 2 sessions back and got stonewalled at the 21 ema and turned back lower, losing the 200 day today. This is a very bad look on tech and most likely means we’re going to test those lows again soon. Nvidia earnings next week, war restarting, who knows what the catalyst is but this is just not a good technical picture here and I would suggest lightening up alot of things right now if you’re in alot of tech. Markets have this amazing way of luring everyone back in like nothing is wrong, look at the NVDA move yesterday from 150 at the lows to 170 premarket today, only to instantly rug pull everyone back to 159.xx now. The ai trade is going to continue to be very painful on a day to day basis.
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Here are today’s large cap momentum scans from the database
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Trades I Made Today
