The SPY is forming an inside day today after a stronger than ideal NFP print this morning. We look good, we’re over all the key moving averages and in this nice bull flag at the moment. Now the debate will rage on whether the fed should hike or not. For the sake of their credibility, they should hike, but for the sake of not upsetting the President before midterms they shouldn’t. It’s going to be a showdown in a few weeks but the fed losing their credibility is an even scarier proposition because this whole market is built on faith and trust losing that would have serious ramifications. Everything now rests on CPI and we’ll see what they have in store for us there but we know right now diesel is hitting records and that certainly isn’t going to help with inflation numbers. So getting oil down is the big priority at this moment.
On a weekly chart we have just been riding the 8 week higher for months now, 2 closes below it but no real threats of the 21 week. Until that cracks, this is just a textbook uptrend.
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Here are the top large cap names from the momentum scanner, the rest of the large, mid, and small cap scans can be found in the database link below. We’re finally starting to see tech in here again with BE,MU,SPCX, and APH. It could be time tech names finally start to catch a bid.
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