The SPY continues to sit in no man’s land working on its 6th session in a row closing between the 8 and 21 ema. Tomorrow is going to change things dramatically after the NVDA report and guide. Will we breakout or breakdown? Nobody can answer that right now but the impact of the NVDA report will be felt throughout the majority of tech names. Later this week we also have the Jackson Hole meeting and we will hear more from the fed on what their plans are. We’ve consolidated for a little while here and now the 50 day is just barely lower at nearly 753 so we have some support right beneath us if we breakdown this week.
Scanner
Here are today’s large cap momentum scans, the rest of the mid and small caps scans can be found in the database link below. Interestingly we still are not seeing any tech names coming up in these scans. Lots of boring names and defensives for the moment, says alot about the weakness/chop we’re seeing in tech.
My Open Book
