The SPY continues its weakness under the 8 ema but still over the 21 ema. It’s tough because while it feels bad we’re 2% off all time highs and technically still in an uptrend but all these semi names that have been where everyone is the last few years are getting hit hard and it doesn’t look like there will be any relief unless NVDA really saves the day during their upcoming earnings. Other than that, Walmart got smashed today down 10% after warning about lower income consumers and that rippled through every other consumer name in the market. It’s never ideal when Walmart does that but then again Walmart was trading at a ridiculous multiple for a very long time so this move today is not crazy. Consumer weakness, higher rates today, higher oil, these are all very negative things for stocks and I still can’t believe the overall market is holding up as well as it has to this point. After NVDA earnings next week we really have no catalysts at all between then and the Anthropic ipo to keep the market bid if oil keeps rising and rates keep pressuring things.
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Here are today’s large cap momentum scans from the database, as always the other mid and small caps can be found in the database link below. Same story we’ve seen for a few days with defensives and energy dominating. You’re starting to see a few tech names here like TEAM and SNOW but those are outliers more than anything. I discussed this alot the last couple days here but the oil names being the top momentum scans everyday was warning about market weakness.
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