2/18/26 Recap
The SPY is reclaiming the 21 ema but its early in the session, bulls would like to see a close over that, if we reject here and close lower that would not be good. We have alot going on this week with this build up in the middle east and oil acting like a war is about to unfold. We also have the supreme court tariff ruling this friday. Look at yesterday’s candle, we held right where we had to at that 100 day on the SPY and the 200 day on the MAGS etf.
Are we out of the woods yet? Not quite because the QQQ remains below the 21 ema so while this was a nice bounce, we need the leadership in the market to reclaim an uptrend because we are now on our 11th potential close below the 21 ema. The longer this stays down here the more the moving averages begin to slope down and that’s where you begin facing issues of going up and rejecting lower. You need the downtrends to be shortlived and bulls would like to see a strong close to this week where the 21 ema and the other moving averages overhead are cleared.
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