The S&P 500 is back below $7,600 on midterm day, and the technicals lean bearish unless we recapture it. While that plays out, I’m building a watch list of True Low discount buys, and Google and Walmart are the first two on it. Walmart just printed its first True Low since 2018.
The Nasdaq and SMH both broke their 200 simple today, and Apple and Palantir just reported after hours. I walk through the expected moves on both, the earnings destruction in Google and Intel, and the $500 and $471 levels I’m watching on SMH.
Market is sniffing out something in credit and today stocks finally listened. While a relief bounce is possible, I believe we need a large catalyst that’s not on a calendar to shift things. The pattern puts the “Leo Low” in focus as this doesn’t look finished.
