The SPY is trying to reclaim the 21 ema but is rejecting the the 8 ema so far. This is a series of lower highs and not really bullish, we need to invalidate that soon with a move over the candle from 3 days back. Oil is over 90 now but the vix is still contained under 16. I don’t really like this action until oil cools down and as you will see below the top trending momentum charts are almost all energy and defensive names. That isn’t really the best news but this can all be reversed in no time with news of a deal with Iran regarding Hormuz and it normalizing.
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Here are today’s large cap momentum scans from the database, the rest of the small and mid cap scans can be found in the link below. What you will notice right away is all the energy and defensive names in here. This isn’t ideal, again as you know, when these names are breaking out the market is usually in for a tough time so let’s see what comes next.
My Open Book
Trades I Made Today
