2/24/26 Recap

The SPY once again tested the 100 day and has held so far. We’re just in this no man’s land there’s nothing to say as we sit sandwiched between the 50 and 100 day going on 2 weeks now. Tonight we have the State of the Union from Trump and knowing Donald he will definitely do his best to pump this market. It’s really so tough here because we’ve gone sideways for so long we’re one day away from a breakout or breakdown. We also have the all important NVDA print tomorrow which is the largest component in our market and almost 8% of the S&P.

The QQQ is reclaiming the 8 ema today but this too remains below the 21 ema and in a downtrend for 15 sessions now. This one is frustrating because it doesn’t look good but it also refuses to break down. I really think until we get through NVDA earnings there just isn’t much to give us clarity on what the next move is. A strong report/guide from NVDA will ripple through so many names and likely lift us up out of this range but any sort of warning from them and we can easily test that 200 day below.

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