2/27 Recap

SPY

Pretty textbook touch and rejection of the moving averages overhead today. This is bear market action, but we are still technically broken out, odd time. This is why I advocate put selling in this environment, it’s mostly just chopping around, nothing significant in either direction. On the lower side of things 391 looks to be a big support level, as long as it is over that, the market is ok.

IWM

Same rejection candle as the SPY but the setup is a little stronger than the market. Both do not look good at the moment. On the lower bounds, 182 looks like a spot where there should be a lot of support on the small caps.

Dollar

This is cooling off a tad, an inside candle today is just rest. The RSI was nearing overheated so a little consolidation is normal but you cannot help but notice the big level it has stalled out at the last 2 sessions. The dollar remains equities biggest headwind short term.

Oil

Oil remains weak, I noted a lot of big put buys today in energy ETF’s and individual names. Fundamentals are cheap now, but those mean a lot less than the technicals which are quite poor. This can all change overnight in oil, but for now it remains not a long.

Today’s Unusual Trades & What Stood Out