The SPY is back below the 8 ema and clinging onto the 21 ema. The chop we’ve been in for 4 months continues but you could say this is just one big bull flag forming. It just feels like we’re going to get some sort of bullish news soon regarding the end of the war or a pause at least that sends oil spiraling lower and pushes equities higher. Trump really needs to get these diesel prices down before midterms in less than 2 months. Oil continues marching higher today with crude almost touching 95 which put it at a near 20% gain in just the last 9 sessions. I’d say with where rates are at highs and with oil rising back near 100 in 2 weeks the market has been very resilient. Everyone wants to partake in the ai trade and you can feel it because oil and rates like this would have hit the market so hard in the past but people are trying to look past it and price in a probable resolution.
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Here are today’s large cap momentum scans
Here are today’s mid cap momentum scans
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