8/16 Recap

The Market continues the slow bleed lower. We haven’t really broken any key technical levels so I view this as more of just a normal thing post earnings when there are no catalysts. It doesn’t help anything that at this moment every single one of the magnificent 7 are below their 8 ema so short term we have 30% of the market exhibiting weakness. We do get the fed minutes later today and WMT earnings tomorrow morning which should be a big read on the consumer. Overall just a normal summer lull especially considering how everything has been straight up all year.

Above you can see the arrow when the MACD began to rollover on the SPY, we’ve just been weak since. It’s nothing crazy.

Trends

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