6/4/26 Recap

The SPY gapped down below the 8 ema for the 2nd time since the ceasefire in April today on the disastrous ER from AVGO. The entire semi complex was hit hard and rightfully so, you had a $2T company that is one of the 10 largest in the world down 15% and that spooked alot of people. I mentioned the other day only 3 things could derail this market: oil prices ramping, inflation ramping, or some hiccup in the ai trade and that’s what we got but luckily, so far in the session it seems somewhat contained. We need to see where we close today but bulls would rather not see us close back under that 8 ema. If we do then our next level of potential support is that 21 ema down at 743.31 right now.

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