8/5/26 Recap

The SPY is just taking a break here after that breakout to new all time highs. We were supposed to get an Iran deal today according to Scott Bessent and have not, yet. AMD also made an ugly move down after reporting decent numbers but a surprise guide that was nearly $600m more than expected. The overall market is looking fine and oil is red as is the vix today. I just don’t know how long we can keep doing this thing where we announce we’re close to a deal only to find out we weren’t in a few days. Today though seems more promising because we removed Iran sanctions from the treasury site per a report this morning so maybe we are serious about finally getting something done here once and for all. For now you want to watch that 760 breakout level on the SPY and if we pullback into it, you buy that level and stop on a close below it as that would be a false breakout. Nvidia is finally picking up the slack as it has lagged for nearly a year now as it is running on some big comments from Elon Musk last night working exclusively with them for SpaceX. Overall there isn’t much to say here, we broke out and now the moving averages need to catch up before we potentially make a sustained move higher.

Scanner

These are the large caps that the scanner pulled showing 7/12 or greater in the database today. The market is settling down so more setups are emerging.

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