1/30/26 Recap

The SPY opened up between the 8 and 21 and is now losing the 21 ema, we have to see where it closes but you know my stance on this, you lighten up on these closes. Yesterday we put in an ugly candle moving all the way below the 21 ema and closing back up over the 8, bulls would like to see a repeat. We had the new Trump fed pick and a nasty move in metals with silver down 20% right now and gold down 7.5% in conjunction with a vix that is green. We still haven’t seen what is coming with the Iran situation and I imagine we will see more regarding that this weekend. Overall we’re in a real no man’s land here, Apple had very good earnings and sold off, next week we have AMZN and GOOG to report but other than META the reactions have been muted in big tech. The market cannot go higher without these 7 names participating. The one saving grace is NVDA is slowly starting to work out of this range it has been in for months but seemingly every time it tries it gets smacked right back down so let us see but it doesn’t feel like time to buy.

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