The SPY is losing the 100 day right now, lot of time left in the session but we have not closed below the 100 day since August. So this is a major trend shift if it holds, a couple weeks back we went under it but came out just over it. A close here opens the door to the 200 day which is at 570 and sloping up. There’s not much to say, this is what I was alluding to in the weekend best idea post of the market not looking good and TLT/XLP being the play. That trade is going well because XLP is up 1.5% today and TLT is very strong as well.
The weekly chart is even more ominous with the SPY right ontop of the 21 ema weekly, a level it has not closed below since late 2023. Bulls need a big bounce here or major issues lie ahead, NVDA tomorrow will likely decide everyone’s fate. Tech stocks in general remain the big drag in our markets.
Recent Trades
HD - In yesterday’s recap I flagged the massive put sale on Home Depot at 350 in April, those puts collapsed from 4.50 to 1.80 right now in 1 session after a nice move up post earnings. This is a defensive name but anytime your short puts are up over 50% in a day, you should probably think about closing them up, but these do likely expire worthless so if the margin isn’t a bother to you, then hold on another 45 days.
My Open Book
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