9/6 Recap

The market sold off hard today on the ISM data. We also had news that the Chinese Government wouldn’t allow employees to use Apple products and the largest name in our markets was down over 3% dragging everything down with it. The instant the ISM data came out the dollar ripped higher and the TNX gapped up, that was it for equities today. It’s just exhausting the back and forth in the market these days. Nothing seems to matter these days except what rates are doing on that day. Today was an odd session as even the defensive healthcare sector, which usually holds up on days like this, many of those got hit hard

Here is the intraday gap and go on the TNX after ISM data

and you can line that up with the big selloff you saw in the /NQ at the exact moment. Tech leads our markets, in fact it is pretty much all we have, that is why the weighting is such in the S&P 500 and as long as rates are going to keep squeezing higher, tech is going to be weak.

The overall market has turned around and we’re back to focusing on that trendline below from the past year as the recent bounces off of it come back into play as we’re a few points away from breaking it again.

Trends

Week To Date

2 Week