The SPY is working on its 3rd straight close under the 100 day, this is starting to become a problem. Yesterday you can see we opened right under the 100 day, teased above it, and then closed near the lows of the sessions. While today’s move up is welcome, it is insignificant, we have a ton of chart damage now with moving averages beginning to slope down. How will the market react to the elections? We will find out tonight but right now oil is down sharply the last 2 days signaling we may not be ramping the Iran war? I don’t even know anymore with how many headfakes we’ve had the last few months. Apple had great earnings yesterday and was sold off, this is just not the environment for tech stocks. Believe it or not, since June 1 the Nasdaq is down 6%. This has been a rough stretch for the tech only crowd with the RSP, the equal weight market, up nearly 5% in that timeframe. This really remains just time to wait and see what happens with midterms and Iran, no need to add things here unless they’re put sales at materially lower levels in my opinion. We will have a much clearer picture later this week.
Scanner
Here are today’s large cap momentum scans from the database, the rest of the day’s small and mid cap scans can be found in the database link below.
My Open Book
Trades I Made Today
