The SPY is having a monster move but still within that gigantic candle from Thursday and really not doing anything significant. We are still below the 8 ema as of the time I’m writing this at 10 am eastern time. We have held the 200 day, the green line below, and are trying to recover. The big news today was from NVDA and we really don’t know what the relationship with this Chinese spy will mean for Nvidia going forward but the details are slowly emerging and it seems likely that Jensen will have to eventually resign considering NVDA vouched for Megaspeed. Other than that oil is red again and the vix is red although it is still over 21. I would say don’t get too excited yet, naturally when we have a move down as big as Thursday was, there are going to be some violent bounces but we’re still under most of the key moving averages and they’re starting to slope down. I would target put sales at that 730 level and if it breaks I would close everything up.
The weekly on the SPY had its first close under the 21 week since the ceasefire last week. That was a clean uptrend it held for months that is now lost as you can see below. We will have to see if we can reclaim it or if we reject there this week.
Scanner
Here are today’s large cap momentum scans from the database. The rest of today’s small and midcap scans can be found in the database link below.
My Open Book
