The feedback I’m getting from most is they want these recaps out sooner in the day so they have more time to act. The pros are indeed more time to act intraday, but the cons are you miss the last 2+ hours of the data flow. Now I still log it all in my database so it will show up in trends tomorrow. Still though I was able to note 100+ trades today so far and I’m going to get this out to you with 2+ hours left in the day for you to work with.
The SPY remains ok, this consolidation is healthy action after the run we’ve had, there are a few gaps below but until we break below some of these moving averages it’s just bullish for the time being. What concerns me is if you zoom out……
Is a potential head and shoulders forming? It could be aruged that is the case and until we make a push higher and invalidate, this is likely the big concern for bulls. We all know the economic data is horrible, the ISM figures today were a disaster, look at names like CAT,DE,URI all killed on those numbers and not a strong argument for the “we’re not in a recession” camp.
Trends
Short term Schwab continues to dominate the bullish side of things followed closely by Silver and Amazon. Longer term AMZN,BABA,JD remain the top 3 trends. E commerce names all of them.
1 Week
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