2/10/26 Recap

The SPY is putting in a doji so far today but we have alot of time left in the session. This structure honestly looks like a bear flag here these last 4 days, will it play out on something later this week or are we headed right for new highs? We keep rejecting that 7000 level on ES and tech remains weak with the NQ actually red right now. So this hated rally where everything but tech goes up continues on for now.

The QQQ remains stuck under the 21 ema and still in this downtrend. It has been a nice relief bounce but if it doesn’t take out that downtrend soon, the likelihood it reverses lower increases. The breadth of the market continues to improve as pretty much everything but tech continues to be bought, unfortunately for most people at home, tech is usually the bulk of their individual holdings so things feel more painful than they really are. Keep your eye on this light blue line overhead, if the QQQ rejects that 21 ema, it likely will go back and retest the lows from 3 candles back.

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