3/6/26 Recap
The SPY gapped down to its lowest point in months today but once again held that 670 level so far. We had a huge miss on jobs and we had Trump saying he wasn’t going to quit the war until Iran surrenders and traders did not like that. Oil is also relentless rising 10% today to nearly $90/barrel which is going to cause all sorts of second order effects if it persists and its hard to see how it doesn’t at this point. The VIX is also on fire rising over 28 before cooling off to 26 right now so add it all up and you have uncertainty galore heading into the weekend. Short term it does not look good at all.
The weekly chart is the one that concerns me most with the SPY potential closing under the 21 week for the first time since May if it doesn’t reclaim 677.22 by the close. This would be a major change of trend for the overall market.
Tech stocks continue to see every dip bought as the QQQ remains in this bear flag but look at the green candles everyday, that shows you that buyers stepped in every single day and bought the dip. The demand for tech stocks is insatiable regardless of this war.
Top Gainers From Yesterday’s Recap
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