6/1/26 Recap

The SPY continues higher with another open over the 8 ema. This market feels invincible right now but oil is spiking nearly 8% right now sending warning signs. The next time we close under the that 8 ema you’re going to want to lighten up some things. For now the trend remains your friend and we have not approached the 21 ema in 2 months as it climbs up to 740 right now. As long as we’re over that the coast is clear for bulls and you see the margin im utilizing at the moment because of that.

We’re seeing a rotation under the hood to software that I mentioned friday with the IGV, below, reclaiming the 200 day for the first time in months on friday. Today its largest component, MSFT, is up 3% today while the other 5 mag 7 names ex Nvidia are all red. The cause doesn’t really matter but now you’ve got to set your eyes on that 200 day on the IGV and buy any pullbacks in software until that trend breaks and closes below the 200 day again. Software is finally back en vogue.

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