1/22 Recap

We opened up another 100 points higher on the /NQ once again led by Nvidia, interestingly though this time breadth in the megacaps wasn’t there with Microsoft, Amazon and Tesla red with Google barely holding on. Today’s move was more in small caps where the IWM was up over 2% at one point.

The SPY took a little breather today. Look where the 8 ema is and look where the 21 ema is, when you pull that far away, usually markets cool off for a little until these moving averages catch up. There isn’t anything bearish to say here, we closed last week at new weekly highs, that isn’t bearish at all. You would need a combination of bad earnings prints and a technical breakdown to get me bearish.

Oil made a big move over 75 today, this is starting to breakout. Bears have to take a big stand at 76 or it can make a much larger move up. Oil names have been left for dead and exposure to them is at lows, this can be violent trade if oil catches a bid.

The TNX rejected a key spot in friday’s sessions, and today it is hammering ontop of 3 big moving averages. The bulls would like to see another flush lower here, not a buildup before a move higher. Yields have already rallied quite a bit to start 2024.

Trends

As always I suggest checking these and the daily options table below inside the app above because the small fonts are an issue on here, but there isn’t much I can do on that.

1 Week

2 Week

YTD

Today’s Database Link

Here is today’s link, it expires tomorrow at the opening bell. As always by tonight I will have the rest of the days action after I send this out added to the database.