2/20/26 Recap
The SPY had a decent rally on the news of tariffs being ruled unconstitutional but so far we tested over this cluster of moving averages overhead and rejected lower, how this closes today will say alot about what’s next. Bulls want to see a close over all of them while bears want this bear flag we’re in to continue building out. Interesting action where names like Nike who are huge beneficiaries of the ruling went very green and flipped to red. We continue to just linger in this range all within that candle from 6 days ago, until we break in a direction this is all nothing material. Trump also gave Iran a 10 day ultimatum yesterday so we’ll have to see what comes of that as we have now have the largest buildup of military assets in years waiting to strike.
The QQQ below is reclaiming the 8 ema so far, a small step in the right direction, but it is still well below the 21 ema and in a downtrend. This really all seems to be just in wait and see mode until NVDA reports next week. This market really has nothing but tech stocks and if these don’t catch a bid soon bigger issues will emerge.
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