The SPY is sitting ontop of the 21 ema right now as we test the 21 ema again. Typically when you’ve had this many tests, this is our 6th in 8 sessions, eventually you lose that level and move lower. The good news here is the 50 day isn’t too far lower because we’ve consolidated for so long. While we are sitting nearly at all time highs, the market is now under 1% higher than the highs in May, we’ve done nothing in over 3 months. In that sort of tape, you get really chopped up if you play short term calls. You typically want to either remain on the premium selling side of things or completely step aside. This is just a tough market, the ai narrative flips from day to day, oil continues to catch a bid, and bond markets around the world keep sending warning signs that our market continues to brush off. The bigger problem is the best looking charts in this market are oil and oilfield services names. Usually when those catch a bid, the overall market struggles.
Scanner
Here are today’s large cap scans from the database, the small and mid cap scans can be found in the link below. Still seeing alot of energy and defensive names in these momentum scans, that isn’t ideal for the overall market.
My Open Book
Trades I Added Today
