6/21 Recap

The market is slowly breaking down. Today is the first time we’ve tested the 10 ema(yellow line) in a long time. A close below the 8 day(blue line) hasn’t occurred in weeks. We may close below both today, still a bit of time left today, but you can sense a trend change is underway. After the run we’ve had, that’s normal and as I said in the weekend post, I would not begin to be concerned until we break that white line much lower just over 420.

That white line below goes back to the start of this uptrend, which was the lows in October. As long as that is holding, we remain in an uptrend, but this is just a dip within that uptrend. We were up 5 weeks in a row before this one. The market ran hot and a cooling period is fine. Overall some weakness likely here for a bit with the flush below the 8 day, but I mentioned that was likely over the weekend, just don’t overtrade, which is an issue for many, be patient and be ready to attack when we approach the trendline.

Trends

American Airlines sees to be where all the bear flow is going this week. It was up 8 days in a row before this recent weakness, so a quick pullback wouldn’t shock. On the bull side I’m see alot of banks popping up here in the week to date. JPM,WFC,SCHW and then even the KRE. So it looks like we may be entering that rotation phase.

Week To Date

2 Week

1 Month

Today’s Unusual Options Activity & What Stood Out

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