4/28/26 Recap

The SPY gapped down on the overnight report from the Wall St Journal about OpenAI missing their revenue estimates and possibly being unable to fulfill their obligations. Big names like NVDA and ORCL got hit hard. I think its all nonsense, and we needed an excuse to cool off. Look at what I highlighted below, if close over the 8 ema(dark blue) today, that is 20 straight sessions on the SPY. This has been an incredible run. We are extended and have needed to cool off but it all still hinges on tomorrow with FOMC and then 30% of the market reporting. If we get some warnings or guide downs tomorrow, then I will worry, until then this is a routine pullback to the 8 ema. We’ve had a really frothy month, semis are up 40%, countless companies that are relatively junk are up 50-100% or more in a few weeks. It’s ok if some of these names have sharp corrections but this is still a very clearly defined uptrend on the overall market with a 21 ema sloping up at 693.50 right now.

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