3/3/26 Recap
The SPY gapped down below the 100 day for the second straight session, once again we have recovered slightly so far but you’re starting to see moving averages slope down and that is not ideal. You saw the contagion from margin calls today where even energy names were red. The VIX was up 25% this morning at one point but has cooled off to +16% right now, anytime the VIX approaches 30 is usually when you want to start adding and we topped out just over 28 today. The weekly chart shows us losing the 21 week for the first time since April today, not good at all. Rates are rising and causing all sorts of chaos. A reporter, Guy Elster, says according to Trump this war could be over in a few days. That would be the most ideal scenario for bulls. You can see the panic in the database, today is one of the few times all year you will see more notable put buys than call buys, we’re in a spot where there is panic. Look back at the last 100 years, these things happen, it always feels like the end of the world and we always resolve higher, just relax and don’t overdo your short term options or leverage.
The QQQ got very close to the 200 day this morning and was less than 1% away from a touch as it broke down from this bear flag we’ve been talking about for the last week.
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