2/11/26 Recap

The SPY continues to hang over the 8 ema as we remain at a level we first saw in October 2025. With all the megacaps but NVDA having reported, I’m not really sure what our next big catalyst is at this point. The market cannot work without megacap tech, you’re seeing that right now because everything is on fire and we just cannot seem to go up when 1/3rd of the market is megacap tech and they remain laggards.

The QQQ is nearing its first chance to break this downtrend, will it do it or are we rejecting and turning down. The 21 ema continues to be resistance overhead as we have so far rejected it again today. The IGV continues to be the weakest link in tech with software down another 3% today. Small cap names are just a minefield with countless names down double digits everyday seemingly. Tech remains on the outs for the time being and even with good reports some of these names are being sold hard.

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